Foresight Solar Fund buys 50% share in 49.9 MW battery storage project in Angus

Foresight Solar has acquired a 50% equity share in Gigabox No. 4 Limited, which owns the development rights to build a 49.9 MW lithium-ion battery energy storage project in Angus, Scotland, UK. 

The project is completely permitted and ready for construction. Commercial operations are anticipated to commence in early 2024. The project will be connected to the distribution network of Scottish Hydro Electric Power Distribution.

The transaction was undertaken alongside JLEN Environmental Assets Group Limited, which will also acquire 50%, and the company would invest up to GBP16.4 million (US$18.55 million) from existing cash reserves.