Acquisition

RNS Number : 9388Q

Jlen Environmental Assets Grp

03 March 2021

 

3^rd March 2021

JLEN Environmental Assets Group Limited

("JLEN" or the "Company")

Acquisition of a 50 MW battery storage project

JLEN, the listed environmental infrastructure fund, is pleased to announce the acquisition of a 100% equity stake in Gigabox South Road Limited ("GSRL"). GSRL holds the development rights to construct the West Gourdie project, a 50MW lithium-ion battery energy storage plant based in Dundee, UK.

The acquisition will see JLEN invest up to £21.2m over the next 12-15 months. The West Gourdie project is fully consented and construction ready. The project is expected to reach energisation and start commercial operations in March 2022.

Storage projects provide vital support to the National Grid, by reducing system imbalance and enhancing the grid's ability to harness a greater level of intermittent renewables on the system. The West Gourdie project will be connected to Scottish Hydro Electric Power Distribution plc's distribution network and has a 49.9MW import and export connection. The project will provide stability to the local network either through direct provision of balancing services to the National Grid, or by reducing volatility on the system via wholesale trading in the wholesale power markets and/or the Balancing Mechanism, a tool used by the National Grid to balance supply and demand in real time .

This acquisition represents JLEN's third investment into battery storage systems, adding to the two co-located batteries that the Company owns as part of its run-of-river hydro portfolio.

Richard Morse, Chairman of JLEN, said:

"We are pleased to announce the further expansion of our interests in the energy storage market with our first grid-scale battery project.  We believe that plants such as this one, will play an important role in the decarbonisation agenda by providing balancing support to the local network and allowing for greater levels of renewable generation on the network . This investment should offer additional returns over time as it is structured to take advantage of increased market volatility as intermittent renewable generation facilities play a greater part in supplying green electricity to the nation."

For further information, please contact: 

Foresight Group Chris Tanner Chris Holmes	[phone]
Winterflood Investment Trusts  Neil Langford Chris Mills	[phone]
SEC Newgate Elisabeth Cowell Megan Kovach	[phone]
Praxis Fund Services Matt Falla Gemma Woods	[phone]

 LEI: 213800JWJN54TFBMBI68

 

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