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Published: 4 May 2021, 12:47
By:
Reporter, Solar Power Portal
Both Foresight and JLEN have taken a 50% stake in Sanbridge, JLEN s fourth battery investment alongside assets such as the co-located battery at its Yorkshire Hydropower asset in North Yorkshire (pictured). Image: JLEN.
Foresight Solar Fund and JLEN have each acquired a 50% equity stake in Sandridge Battery Storage Limited, which holds the development rights to the 50MW lithium-ion Sandridge Battery Storage project.
Located in Melksham, UK, adjacent to the Sandridge solar park which is already owned by Foresight, the asset - which is Foresight s first battery storage project - will share the distribution network point of connection with the solar park. It will be connected to Southern Electric Power Distribution’s network and have a 49.9MW import and export connection.
Foresight Solar Fund has acquired a 50% equity stake in a 50MW grid battery project next to the Sandridge solar park in the UK, owned by the fund.
The acquisition of a shareholding in Sandridge Battery Storage Limited marks Foresight Solar Fund’s first investment into battery storage following the change to its investment policy which was approved by shareholders in February 2021.
The deal will represent a total investment of up to £12.7m (including construction costs) and will be funded using the Foresight Solar Fund’s existing revolving credit facilities.
The investment has been made alongside JLEN Environmental Assets Group Limited (JLEN) which will also acquire a 50% equity stake.