NextEnergy Solar Fund Ltd (LSE:NESF) (NESF), the solar and energy storage climate impact fund with a combined installed power capacity of 865MW, has acquired the development rights, permits, and initial grid milestones for a 250MW portfolio of high-quality battery storage projects and grid connections.
The strategic portfolio named 'Project Lion', located in the east of England, was acquired for a consideration of £32.5mln and will increase the current announced standalone battery storage in NESF's joint-venture partnership with Eelpower to 300MW.
Once energised, the project will significantly contribute to increasing the UK's energy independence and will help accelerate the increased penetration of renewable energy.
Kevin Lyon, Chairman of NextEnergy Solar Fund commented: "This acquisition of development rights adds significantly to NESF's participation in the UK battery storage investment space.
The project will take our battery storage programme up to a capacity of 300MW, showing how NESF has been able to secure a significant development pipeline of storage projects in a short timeframe.
“NESF offers investors a unique investment opportunity, making a real difference in the transition to net zero."