A Foresight Group infrastructure fund is investing in a UK long-duration electricity storage (LDES) project through a partnership with Gilkes Energy.
Foresight Energy Infrastructure Partners (FEIP) II has acquired a significant undisclosed stake in Gilkes Energy’s 1.8GW/40GWh Earba Pumped Storage Hydro (PSH) project in the Scottish Highlands.
FEIP II’s investment will fund detailed engineering, procurement and site preparation ahead of construction.
Carl Crompton, managing director of Gilkes Energy, said: “We are delighted to welcome Foresight as a strategic investor in the Earba PSH project. Their long-term approach to infrastructure investment and experience across the energy transition sector make them an excellent partner for this nationally significant project.
“Earba is widely recognised as one of the most economically viable and deliverable LDES projects, and has the potential to make a major contribution to the UK’s energy security and net-zero ambitions. Foresight’s investment provides further momentum as we progress the project towards construction and continue to work with our delivery partners to bring this transformational infrastructure project forward.”
Ben Field, investment director at Foresight, said: “We are delighted to be partnering with Gilkes Energy to advance Earba, one of the UK’s most strategically important long duration energy storage projects. As renewable generation continues to scale, assets such as Earba will play a critical role in providing the flexibility, resilience and system stability needed to support a decarbonised power system.
“Building on Foresight’s extensive experience of developing and managing essential infrastructure, we look forward to working alongside Gilkes Energy to bring the project through development and into operation, helping to strengthen the UK’s energy security and accelerate the energy transition.”
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