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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.