Foresight Group, an independent infrastructure and private equity investment manager, announced the acquisition of Nevendon 10MW battery storage project from GRIDSERVE and Aura Power.
The battery will provide Enhanced Frequency Response services to National Grid, positioning the project as an essential part of the energy transition to a more flexible, low carbon energy network.
The Nevendon acquisition is the second storage transaction completed by Foresight in as many months, coming on the back of its recently announced 35MW acquisition at Port of Tyne.
Battery storage is a fundamental component of a decarbonised energy system, and with these two projects Foresight owns 45MW of the 200MW assets granted in the National Grid EFR auction.
The transaction is further evidence of Foresight’s expansion into the energy and battery storage sector and its focus on the transition in global energy markets, complementing its 1GW of existing, solar, gas and energy from waste generation assets, company officials said.
The project at Nevendon in Essex was developed as a joint venture between GRIDSERVE and Aura Power, while BELECTRIC UK will be the EPC contractor for the project.
Osborne Clarke, Everoze and Cornwall Energy advised Foresight on the transaction.
Jones Lang LaSalle’s Energy and Infrastructure Advisory team and Renew Legal advised GRIDSERVEand Aura Power.
Construction on the project will start immediately with full commissioning due Q1 next year.
Katherine Vinnicombe, investment manager at Foresight, said, “We are delighted to be collaborating with GRIDSERVE and Belectric, with whom we have worked closely in the U.K. solar sector over the last three years with more than 100MW of Belectric solar projects acquired and operated by Foresight funds, including the 46MW Landmead asset.”
Toddington Harper, CEO GRIDSERVE, said, “This marks an important milestone for GRIDSERVE and we look forward to continuing to progress the remainder of our 200MW UK portfolio of energy storage and solar-hybrid projects.”