The NextEnergy Solar Fund has now entered into a 100 million pounds join venture along with Eelpower for the purpose of developing around 250 megawatts of the renewable energy storage in the United States, and the joint venture has already signed the first acquisition of a 50 megawatts standalone battery storage project.
This project has been a ready-to-build project located in Fife, based in Scotland, that is going to be providing additional stability to the grid through the company’s export capacity, and it has also been expected to be energized and connected by grid in the year 2022.
This project is also going to be offering NextEnergy Solar Fund with many revenue generating opportunities once it will become operational, and the opportunities include arbitrage energy trading, that provides balancing capability for the local and national grids, along with capacity opportunities in the market and ancillary services.
The NextEnergy Solar Fund generally owns 70 percent of the joint venture with the company EelPower, which owns the remaining 30 percent, and Kevin Lyon, chairman of NextEnergy Solar Fund said, he and the board are very happy for announcing the significant move of NESF into the renewable energy storage, along with forming an important part of the future growth plans of NESF.
He also said, the joint venture has been laying the foundation and it has also been providing the momentum for the pipeline of the energy storage assets of NESF along with ensuring the collaboration with the partner Eelpower, in the process of operating the assets.
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