JLEN: First battery energy storage investment now online
First battery energy storage investment now online
JLEN Environmental Assets Group Limited (“JLEN” or the “Company”), the listed environmental infrastructure fund, is pleased to announce the successful launch of its first grid-scale battery project, with the West Gourdie 50MW lithium-ion plant having started commercial operations.
Battery energy storage systems are playing an increasingly important role in the energy transition and the West Gourdie plant, situated in Dundee, Scotland, will provide critical balancing support to the GB electricity grid network, reducing system imbalance and volatility.
The construction of the project was undertaken by EPC Contractor Anesco Limited, with management oversight from the Foresight Group construction team and DNV-GL, the appointed Owners Engineer. The project will be operated by Flexitricity with Green Nation set to provide asset management services, while Anesco will provide operations and maintenance services.
Chris Tanner, Investment Manager for JLEN commented: “Seeing JLEN’s first battery storage investment become operational is a significant milestone for the Company. Battery energy storage projects play a vital role in advancing the decarbonisation agenda by reducing system imbalance, enhancing the grid’s ability to harness a greater level of intermittent renewables. Investments such as these provide attractive returns over time, we are therefore pleased to have provided JLEN investors with exposure to this exciting asset class and look forward to advancing our other battery storage assets to commercial operations, in order to create further capital growth for our shareholders.”
Below is an interview with Foresight Group, the manager behind the Trust who talk us through the highlights from the recent financial results, an outlook including how the Trust sees opportunities despite the tricky environment
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