Catalyst Capital has acquired the leasehold interest in a brownfield site, located at the former Skelton Grange power station in northern England, to house a planned 100-megawatt battery-energy storage system.
This is the first of a series of planned deals under a £300 million ($406.1 million) strategy to develop diversified U.K. battery-energy storage system (BESS) facilities.
IREI understands that Catalyst is currently in talks with investors to jointly fund the expansion of the battery storage platform.
“This portfolio will give our investors the opportunity to invest into a scalable market with high ESG credentials in the renewables sector,” said Kean Hird, partner at Catalyst Capital. “Although the sector is still in evolution, it is quickly gaining institutional status, while delivering very healthy cash-on-cash returns in the interim.”
Planning permission was received in 2021, and the facility is expected to come online in the final quarte