Foresight funds sell Lunanhead battery project in Perthshire, Scotland
Foresight Solar Fund Ltd and Foresight Environmental Infrastructure Ltd on Wednesday said they each have sold their 50% stakes in a battery energy storage project in Perthshire, Scotland.
The two environmental assets investors said they sold their stakes in the 50 megawatt Lunanhead project to a third-party buyer, which they didn’t name. The sale price was in line with the project’s June 30 carrying value, they said without providing details. Foresight Environmental said the stake represents less than 0.2% of its total portfolio value.
The two funds also said they are seeking to sell their 50% stakes in the 50MW Clayford BESS project in Aberdeenshire. The project was purchased in 2022.
They said the disposals are intended to free up cash for share buybacks or debt repayment.
The two Foresight funds also reported that their jointly owned 50MW Sandridge BESS project in Wiltshire, England has been energised. Commercial operations will start after final commissioning and testing, they said.
Shares in Foresight Solar Fund were up 1.1% to 82.50 pence on Wednesday morning in London. Foresight Environmental Infrastructure was down 0.3% to 80.16p.
Both funds are managed by London-based Foresight Group.
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