Ferrymuir utility-scale battery project marks the private equity investors first such investment in Scotland
The UK's burgeoning battery storage market continues to mature rapidly, with private equity investor Gore Street Capital this week snapping up a 100 per cent interest in the 50MW Ferrymuir utility-scale battery project in Fife through its Energy Storage Fund.
Announced yesterday, the sale of the battery storage project from ILI Group plc - a joint venture with Yoo Capital and the Abbey Group - marks Gore Street Capital's first investment in Scotland.
Alex O'Cinneide, Gore Street Capital's CEO, said Scotland was a market the firm has "identified as very attractive for energy storage and adding to a portfolio diversified in markets, assets and counter parties".
ILI Group, meanwhile, is also behind plans for 2GW of pumped storage hydro across three projects in Scotland, the most advanced of which sits at Red John at Loch Ness.
ILI Group CEO Mark Wilson said the Ferrymuir project "marks the first of a phased approach" to developing Scotland's energy storage market, with the firm currently working on 450MW-worth of battery storage projects in the pipeline.
"Our approach will ensure that Scotland will have the much-needed 'long-term' storage, through projects like our Red John Project, and 'short-terms Storage battery projects required to meet its net-zero goals in the years to come," he said. "Together our projects can bring over £2bnn of investment and thousands of jobs to Scotland, energising local workforces and suppliers in the challenging times that lie ahead.
"These projects will help stimulate the economy in the short term coming out of the pandemic and play a significant role in meeting the UKs net zero target," he added.
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