Bluefield Solar the London listed income fund focused on acquiring and managing renewable energy and storage assets predominantly in the UK, has acquired two standalone 40 MW battery storage projects from Green Hedge Energy UK Limited for approximately £4.5 million.
The acquisition represents the development rights, grid connection costs and the leasehold of land for the two projects, which are based in Derbyshire and Worcestershire.
Both projects are fully consented, benefit from near-term grid connections and the construction of the projects is expected to commence in 2022.
John Rennocks, chairman of Bluefield Solar, said: “We are delighted to have acquired these two significant battery storage developments from Green Hedge, which we look forward to building. Energy storage has a key role in supporting the decarbonisation of the electricity system in Great Britain.
“Once operational, it is intended the assets will be able to participate in a variety of valuable services to support the grid and to enable the company to further diversify its revenue streams. The Board and our Investment Adviser continues to carefully assess a strong pipeline of opportunities across both primary and secondary markets.”
