* The facility is a 50 MW lithium-ion battery energy storage system based in Melksham, UK.
* Sandridge Battery Storage System will attract a total investment of Pound 12.7 million from Foresight's existing revolving credit facilities.
Renewable energy player, Foresight Solar Fund Limited, has acquired stakes in Sandridge Battery Storage project after it has acquired 50 per cent equity in Sandridge Battery Storage Limited (SBSL), the company is developing and constructing a large energy storage facility in UK.
The facility is a 50 MW lithium-ion battery energy storage system based in Melksham, UK. This is the first investment of Foresight into the storage segment. The storage system is situated near Sandridge solar park. Foresight said that this is the first time the company has entered into battery storage. Last year, the company stakeholders changed the Investment Policy after which this expansion into the battery energy storage business has taken place.
Alex Ohlsson, Chairman, Foresight Solar Fund Limited, stated, "Battery Storage Systems are a complementary and exciting new growth area for Foresight Solar and we are delighted to have acquired a significant stake in the 50MW Sandridge Battery Storage project, the first of our investments in this asset class. Diversification into BSS will provide increased scale, diversification and operating efficiencies alongside the Company's existing portfolio and should offer an additional source of attractive investment returns on a risk adjusted basis going forward".
Foresight said that Sandridge Battery Storage System will attract a total investment of 12.7 million from Foresight's existing revolving credit facilities. The investment also includes construction costs.
The JLEN Environmental Assets Group Limited (JLEN) has also acquired a 50 per cent equity stake in Sandridge. The storage facility is said to be completely consented as well as construction ready. It will have 49.9 MW of import and export connection with the power grids. The company says that the presence of the grid will have no adverse impact on the solar power plant or the storage system.
The energy storage and commercial operations Sandridge storage system will begin in October 2022 that will offer strength and stability to the grid system through frequency management, volatility reduction, load-shifting etc.