Foresight Solar Fund diversifies into battery storage systems

By IPE staff2021-05-05T09:34:00+01:00
Foresight Solar Fund has made its first battery storage investment with the acquisition of a 50% stake in Sandridge Battery Storage Limited (SBSL).
The London-listed company is investing up to £12.7m (€14.6m) to buy its stake in SBSL alongside JLEN Environmental Assets which will also acquire a 50% equity stake.
SBSL holds the development rights to construct the Sandridge Battery Storage project, a 50MW lithium-ion battery energy storage system based in Melksham, UK.
Foresight Solar said it will fund the deal with its existing revolving credit facilities, adding that it has had a £25m extension of the revolving credit facility provided by NatWest.

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