By Iain Gilbert
Date: Tuesday 04 May 2021
LONDON (ShareCast) - (Sharecast News) - Environmental infrastructure fund JLEN has snapped up a 50% equity stake in Sandridge Battery Storage, which holds the development rights to construct a 50-megawatt lithium-ion battery energy storage plant in Wiltshire.
JLEN said on Tuesday that the acquisition, which was made alongside Foresight Solar Fund, would see it invest up to £12.7m over the next 12-18 months.
The FTSE 250-listed firm highlighted that the firm's Sandridge project was fully consented and construction-ready, with the asset expected to reach energisation and start commercial operations in October 2022.
JLEN also noted that the acquisition represented its fourth investment into battery storage systems, adding to two co-located batteries that the company owns as part of its run-of-river hydro portfolio, as well as the standalone West Gourdie project in Scotland.
Chairman Richard Morse said: "We are happy to announce JLEN's latest investment into the energy storage market which is our second grid-scale battery project and the fourth asset to be added to JLEN's portfolio of battery energy storage systems.
"We believe that assets such as these will provide a vital balancing mechanism to the grid that will aid in the rollout of intermittently generating renewable energy systems and play an important role in the decarbonisation agenda of the national grid."
As of 0910 BST, JLEN shares were up 0.17% at 110.19p.