Foresight Group has acquired a grid stability asset in Scotland from BlackRock’s Global Infrastructure Partners (GIP), marking its entry into the long-term grid stability market.
A fund managed by Foresight acquired the operational Blackhillock Synchronous Condenser for an undisclosed sum from GIP-managed funds.
Located in North-East Scotland, the facility provides long-term, availability-based revenues contracted under National Energy System Operator’s Pathfinder II framework through to 2034.
Anouska Morjaria, investment director at Foresight Group, said: “We are delighted to have completed the acquisition of the Blackhillock Synchronous Condenser, a strategically important asset providing essential grid stability services.
“As we see increasing levels of intermittent generation in our energy mix, there is a rising need for assets such as Blackhillock to stabilise the grid. This acquisition diversifies our portfolio of critical infrastructure assets, while supporting our investment into the technologies and services needed to enable the UK’s energy transition.”
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