Jlen Environmental Assets Grp Acquisition (9388Q)
03 Marzo 2021 - 1:00AM
UK Regulatory
TIDMJLEN
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 GBP21.2m 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 +44(0)20 3667 8100
Winterflood Investment Trusts
Neil Langford
Chris Mills +44(0)20 3100 0000
SEC Newgate
Elisabeth Cowell
Megan Kovach +44(0)20 3757 6882
Praxis Fund Services
Matt Falla
Gemma Woods +44(0)1481 755530
LEI: 213800JWJN54TFBMBI68
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END
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