Bluefield Solar Income Fund (LSE:BSIF) Limited said it bought two 40MW battery storage projects from Green Hedge Energy UK.
According to a statement, the income fund focused on buying and managing renewable energy and storage assets paid approximately £4.5mln for the two projects.
The projects are based in Derbyshire and Worcestershire, and the acquisition represents “development rights, grid connection costs and the leasehold of land,” Bluefield said.
Both projects are fully consented, benefit from near-term grid connections and the construction of the projects is expected to commence in 2022, it added.
"We are delighted to have acquired these two significant battery storage developments from Green Hedge, which we look forward to building,” said chairman John Rennocks.
“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.”