United Kingdom – Nofar Energy and Interland have agreed to share ownership of a dedicated platform for the development, construction, financing, and operation of battery energy storage projects in the United Kingdom.
Nofar will own 75% of the joint venture, while Interland will own the remaining 25%.
The first project of this new partnership was announced today by the company. The Cellarhead project, the UK’s largest planned battery energy storage project, is the subject of the report. The project will use a 300 to 349 megawatt connection to connect to the UK’s power grid, with a storage capacity of around 700 megawatts per hour. The project’s construction costs are estimated to be £214 million, with annual revenues of £42 million and EBITDA of £35.5 million, respectively.
The project will begin construction in the first half of 2022 and be connected to the grid in the second quarter of 2024, according to the company. At the same time, the partnership is developing or working on additional large-scale battery energy storage projects.