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JLEN Environmental Assets Group Ltd on Friday said it has bought a 50% equity stake Gigabox No 4 Ltd, which holds the development rights to construct a battery energy storage plant in Scotland.
Shares were up 4.8% at 117.80 pence each on Friday morning in London.
The environmental infrastructure investment fund said the 49.9 megawatts lithium-ion battery energy storage plant is based in Angus, Scotland, which represents its sixth investment into battery storage systems.
The acquisition will see JLEN invest up to £16.4 million, with construction ready to start in early 2024.
The project will be connected to the Scottish Hydro Electric Power Distribution PLC's distribution network and has a 49.9 megawatts import and export connection.
JLEN added that the connection will be initially with a capacity of 45 megawatts, increasing to the full capacity by early 2025.
Chair Ed Warner said: ‘We believe that projects such as these will be a vital tool in helping to balance demand on the local electricity network and will become increasingly important over the long-term as more renewable energy infrastructure comes onto the grid.’
It said the investment has been made alongside Foresight Solar Fund Ltd, a fund investing in a diversified portfolio of ground-based solar PV and battery storage assets.
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