Renewables Infrastructure investing in battery storage project – The Board of The Renewables Infrastructure Group has announced that the company has completed the acquisition of a 100% interest in Broxburn, a battery energy storage project which is currently under construction in West Lothian, Scotland.
Broxburn, a 20MW battery, was developed and is being constructed by RES, TRIG’s Operations Manager. Construction is scheduled to be completed in early 2018. The Project is expected to have an operational life of 15 years. Broxburn has no debt financing and benefits from a bespoke bilateral contract with National Grid Electricity Transmission plc to provide dynamic, two-way grid balancing services. For the initial four years of operations under the contract, revenues are substantially based on pre-determined, RPI-indexed availability payments.
TRIG’s total investment of GBP20m is expected to be financed from cash resources and a drawdown of the Group’s revolving acquisition facility. TRIG’s portfolio now consists of 56 projects and will have an aggregate net output capacity of 774MW once Broxburn is constructed.
Helen Mahy CBE, Chairman of TRIG, said: “The use of battery storage is becoming increasingly important in enabling grid networks to match fluctuations in the supply and demand of electricity and to stabilise power frequency. This becomes especially vital as the installed base of renewables generation increases. We are excited to be playing a part in this by investing in Broxburn, one of the first large-scale commercial power storage projects to be developed in the UK.”
Rachel Ruffle, RES Managing Director, said: “We are delighted to be supporting TRIG as it expands its investment portfolio into energy storage with RES’ facility at Broxburn. Energy storage will play a vital role in the future of the UK grid network through delivering flexible services to support the UK’s economic growth and enable more low cost, renewable energy to be used.We look forward to delivering and operating the project at Broxburn for TRIG.”
TRIG : Renewables Infrastructure investing in battery storage project
