Next Energy Solar Fund (NESF) is now targeting Q1 2024 to energise its first standalone 50MW battery. The delay to its Camilla site in Fife, Scotland, was due to the insolvency of the lead contractor. NextEnergy Capital and EelPower have appointed an alternative contractor and construction has recommenced. The companies said market turbulence has impacted contractors across the renewable energy construction industry.
NESF plans a fast step-up in battery size and investment. It has development rights for a 250MW lithium-ion battery storage project in the East of England, which it says will be one of the UK’s largest operational standalone batteries when it is approved and constructed. The company says it remains committed to winning shareholder approval to increase energy storage investment from 10% to 25% of its gross asset value, which was £1,190 million at 23 June 2023.
Meanwhile the company is focusing on capital recycling. It has five assets for sale including Whitecross, a 36MW solar farm in Lincolnshire, which was recently energised.