Foresight completes acquisition of utility scale 10MW battery storage facility in Nevendon, Essex from GRIDSERVE® and Aura Power

London, 21 July 2017: Foresight Group (“Foresight”), the independent infrastructure and private equity investment manager, is pleased to announce the acquisition of Nevendon 10MW battery storage project from GRIDSERVE® and Aura Power. The battery will provide Enhanced Frequency Response services to National Grid, positioning the project as an essential part of the energy transition to a more flexible, low carbon energy network.

The Nevendon acquisition is the second storage transaction completed by Foresight in as many months, coming on the back of its recently announced 35MW acquisition at Port of Tyne.  Battery storage is a fundamental component of a decarbonised energy system, and with these two projects Foresight owns 45MW of the 200MW assets granted in the National Grid EFR auction.

The transaction is further evidence of Foresight’s expansion into the energy and battery storage sector and its focus on the transition in global energy markets, complementing its 1GW of existing, solar, gas and energy from waste generation assets.

The project at Nevendon in Essex was developed as a joint venture between GRIDSERVE® and Aura Power, while BELECTRIC UK will be the EPC contractor for the project.

Osborne Clarke, Everoze and Cornwall Energy advised Foresight on the transaction.

Jones Lang LaSalle’s Energy and Infrastructure Advisory team and Renew Legal advised GRIDSERVE® and Aura Power.

Construction on the project will start immediately with full commissioning due Q1 next year.

Katherine Vinnicombe, Investment Manager at Foresight commented:

The investment in the Nevendon battery storage project is a further example of Foresight’s contribution to the transition from a fossil fuel dependant centralised network to a decentralised low emissions system, consolidating our position as a leader in renewable-enabling infrastructure. We are delighted to be collaborating with GRIDSERVE®, Aura Power and Belectric, with whom we have worked closely in the UK solar sector over the last three years with more than 100MW of Belectric solar projects acquired and operated by Foresight funds, including the 46MW Landmead asset.”

Toddington Harper, CEO GRIDSERVE® commented:

“We are delighted to have secured the delivery of one of the UK’s most advanced Enhanced Frequency Response projects.  This marks an important milestone for GRIDSERVE® and we look forward to continuing to progress the remainder of our 200MW UK portfolio of energy storage and solar-hybrid projects”

ENDS

 

For more information contact:

Ben Thompson, Foresight Group: bthompson@foresightgroup.eu / +44 (0)20 3667 8155

Katherine Vinnicombe, kvinnicombe@foresightgroup.eu / +44 (0)20 3763 6925

George Lloyd, GRIDSERVE®, george.lloyd@gridserve.com / +44 (0)333 1234 333

Simon Coulson, Aura Power, simon@aurapower.ie /  +44 (0) 117 214 1981

Duncan Bott, BELECTRIC, sales@belectric.co.uk / +44 (0)1895 452 640

Dominic Szanto, JLL, Dominic.Szanto@eu.jll.com / +44 (0)20 7087 5262

Notes to editors

About Foresight Group LLP (“Foresight”)

Foresight is a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 30 years.

Foresight has £2.6 billion of Assets Under Management across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EISs) and Venture Capital Trusts (VCTs).

As one of Europe’s leading solar infrastructure investment teams, Foresight funds currently manage more than £2 billion in infrastructure assets including some 80 operating Photovoltaic ("PV”) plants in the UK, Southern Europe, Australia and North America with a generating capacity of over 900MW.

Foresight also manages 28 Energy from Waste projects across the UK with a generating capacity of 132MW.

Foresight Group is headquartered in London, with international offices in Rome, San Francisco and Sydney and regional UK offices in Nottingham, Manchester and Guernsey.

About GRIDSERVE®

GRIDSERVE® develops, finances, operates and maintains sustainable energy projects. Over the next 5 years we will deliver in excess of a Gigawatt of high quality sustainable energy projects. GRIDSERVE® is a daughter company of SEC, a pioneering 40-year old solar energy and energy storage business that conceived and delivered some of the world’s first commercial deployments of solar energy and energy storage projects.

GRIDSERVE® is focused on both EMEA and Asia-Pacific, and as well as UK energy storage projects, is developing a substantial portfolio of solar-hybrid projects, that provide dependable, low cost, clean power.

About BELECTRIC Solar & Battery GmbH (“BELECTRIC”)

BELECTRIC is one of the most successful enterprises in the development and construction of utility scale solar power plants and energy storage systems. The company was found in 2001 and has been expanded to an international group with activities on all continents. BELECTRIC has constructed over 280 solar PV power plants with over 1.5GWp PV capacity. In addition, the company has constructed over 80MW of battery energy storage systems and hybrid power solutions. As one of the largest O&M providers globally, BELECTRIC’s full-integrated services provide origination to end of life services. With numerous patents and innovations, BELECTRIC has proven its technological leadership in the industry.

About Aura Power

Aura Power is a renewable energy developer and adviser. Since 2013 the company has successfully managed over 250MW of renewable energy assets to operation. Aura Power has a global development pipeline in excess of 800MW, with over 300MW of planning consents in place. In the UK, Aura Power developed one of the UK’s largest operational community solar PV projects and is has developed more than 100MW of battery storage projects, including a 15MWh operational site in the south east of England.