Energy team successfully completes lease for 33MW battery storage facility
Avonmouth, near Bristol, is soon to be home to a major new battery storage facility after the successful completion of a lease for the site.
We advised ELECTRIC LAND, part of London-based fund management business, the Foundation Property & Capital Group on all legal aspects of the completion. This included the acquisition of the site in 2018, as well as a conditional agreement for the lease.
Hallen Energy Limited, part of the Voltalia SA group, an international power producer and service provider are the new owners of the site. The plan is to create a 33MW battery storage project, the first facility that Voltalia has built in the UK, adding to its extensive portfolio.
Battery storage is a key focus for the UK’s energy industry, with approximately 900MW of projects having already been built or under construction. We are lucky enough to have been involved with more than 25 percent of these UK projects over the years, playing a large part in the growth of this innovative field of technology.
Our head of energy projects and renewables, Peter Dilks, said: “ELECTRIC LAND is making real waves in the energy sector with this deal. Supporting them in getting the project over the line, especially with such a large international operator involved, has given us all a real sense of achievement. I am sure that there is more success to come for the business.
“Battery storage is undeniably one of the most positive ways forward for UK energy. As such, we couldn’t be more pleased that we are part of a further 33MW of capacity being created.”
Ben Lansman, group managing director at Foundation Property & Capital, said: “Since the launch of our 1st House fund in 2011, we have focused on niches where we can use our rare expertise in managing small, complex projects to generate a secure income return whilst focusing on creating significant capital value. Initially that was primarily from Convenience retailing, but for the last five years it has also and increasingly been from energy infrastructure. We take early stage development risk and actively manage projects which ultimately deliver long, ultra-secure, index-linked income from infrastructure ground rents. In these challenging times it is unusual to have a portfolio delivering 100% of contracted income to our shareholders where we can continue to re-invest and leverage our capital gains into a rapidly growing asset class operated by utility companies crying out for more renewable energy capacity.
“Peter and the team at Shakespeare Martineau have been a great help during the process. Their expertise has been invaluable, ensuring everything went as smoothly as possible.”
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