Foresight Group, the independent infrastructure and private equity investment manager, announced the acquisition of Port of Tyne 35MW battery storage project from Renewable Energy Systems (RES).
This acquisition, using funds from Foresight ITS, is the largest of the National Grid’s Enhanced Frequency Response (EFR) battery storage projects to attract investment from an infrastructure investment manager in the UK, the company said.
Foresight Group operates more than 80 solar PV projects and 28 Energy from Waste (EfW) projects with a collective generating capacity of more than 1GW, enough to power more than 600,000 UK homes with clean electricity. Osborne Clarke advised Foresight on the transaction.
The project at Port of Tyne was developed and will be constructed and operated by RES, which has a global energy storage portfolio totaling more than 175 MW (212 MWh) and providing multiple grid services.
Construction on the project will start immediately with full commissioning due in early 2018.
The Port of Tyne project will deliver frequency response balancing services through an EFR contract and provide available capacity to the National Grid through a CM contract, positioning the project as an essential part of the National Grid’s move to a more flexible, low carbon energy network.