Portfolio

Renewables Infrastructure Group acquires Broxburn Energy Storage

By Iain Gilbert

Date: Monday 14 Aug 2017

Renewables Infrastructure Group acquires Broxburn Energy Storage

(ShareCast News) - Renewable Infrastructure Group (TRIG) announced Monday that it had completed the acquisition of a 100% interest in the battery energy storage project, Broxburn currently under construction in West Lothian, Scotland.
The 20MW battery was developed and is being constructed by RES, TRIG's operations manager and was expected to have an operating life of 15 years.

TRIG's investment of £20m will be financed from cash resources and via a drawdown from its revolving acquisition facility.

Once Broxburn is completed in early 2018, TRIG will have net output of 774mW across its 56 projects.

Helen Mahy CBE, chairman of TRIG said, "The use of battery storage is becoming increasingly important in enabling grid networks to match fluctuations in the supply and demand of electricity and to stabilise power frequency. This becomes especially vital as the installed base of renewables generation increases. We are excited to be playing a part in this by investing in Broxburn, one of the first large-scale commercial power storage projects to be developed in the UK."

As of 1245 BST, TRIG shares saw little change, up 0.45% to 110.70p.

..

Email this article to a friend

or share it with one of these popular networks:


Top of Page