Foresight Solar Fund Ltd (LSE:FSFL) told investors it has exchanged contracts to sell its 50% stake in the 50MW Lunanhead battery storage asset in Scotland.
Whilst not disclosed explicitly, the investment company said the price was in line with Lunahead's carrying value at the end of June.
The deal's completion is expected later this quarter.
Foresight Solar noted that its investment manager is exploring options for Clayfords, another 50MW project where FSFL owns 50%, assessing developing the project versus alternative options to maximise shareholder returns.
Separately, it said that Sandridge BESS, a 50MW site in Wiltshire co-owned with FGEN, has been 'energised' and will complete commissioning before entering commercial operations.
Lunanhead was co-owned with sister fund Foresight Environmental Infrastructure Fund, which has also sold its 50% to the third-party buyer.
“We think for many of the renewable funds, their battery development projects have probably been taking up quite a lot of management time and appear to get disproportionate investor interest and questioning in presentations,” stockbroker Stifel said in a note.
“It appears Foresight have concluded in this case the best option is divestment and a focus on the core business of electricity generation.”