A newly created clean-energy projects investment company majority owned by Generali Investments has bought a 249MW battery energy storage system (BESS) project in the UK for £210 million (€241 million).
Sosteneo has agreed to buy the holding company of Sheaf Energy Park in Kent from Pacific Green Technologies.
As part of the transaction, Sosteneo will provide a capital expenditure loan, which together with the senior debt facility, will fully fund the development and construction of Sheaf Energy Park BESS project which is expected to begin commercial operations in mid-2025.
The deal is Sosteneo’s third BESS investment following the acquisition of the neighbouring Richborough Energy Park in June and the Koorangie battery project in Australia earlier this month.
The latest deal takes the total capacity of BESS projects under Sosteneo’s management to over 840MWh.
Source: realassets.ipe.com on the 9th of November