LSE-listed battery and PV investors Bluefield Solar Income Fund (BSIF) is paying fellow financiers Green Hedge Capital approximately £4.5 million for two standalone 40 MW storage projects.
Located in Derbyshire and Worcestershire, the two projects are close to leaping off the drawing board. Both are fully consented, and benefit from near-term grid connections. Leasehold acquisition costs, development rights, and grid connection expenses are all covered in today’s sum.
Construction of both is expected to begin later this year.
BSIF’s chair John Rennocks, pictured, 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.
Bluefield says its pipeline of upcoming projects remains strong across both primary and secondary markets.
By lunchtime BISF’s share price was up 0.4%, valuing the entity at £ 660 million.