RES sells 35-MW UK storage project to Foresight

UK-based renewable energy developer Renewable Energy Systems Ltd (RES) has sold a 35-MW battery storage project to infrastructure and private equity investment manager Foresight Group.

RES developed the project at Port of Tyne, UK and will build and operate it. Construction will begin immediately and the facility is expected to be fully commissioned in early 2018, the companies said today. The project has a four-year enhanced frequency response (EFR) contract with the National Grid and a 12-year capacity market (CM) contract.

Foresight acquired the project using funds from Foresight ITS. "The acquisition consolidates Foresight's position as a leader in investing both in renewable energy generation and the flexible grid infrastructure required to accommodate increasing penetration of renewables, such as energy storage," said Dan Wells, partner at Foresight. The investment manager has created an operational portfolio of solar and waste-to-energy projects with a combined capacity of over 1 GW, enough to power more than 600,000 UK homes, the announcement notes.

Choose your newsletter by Renewables Now. Join for free!