Bia Power (Bia), a global developer of industrial scale renewable power generation and energy storage assets, has completed the sale of two, standalone front of the meter, utility-scale battery energy storage projects in South Scotland to Gresham House.
Both projects are fully permitted and ready to build. The target date for commercial operations is Q1 2022. The two projects have a combined initial capacity of 75 megawatts (MW) with potential to scale up to 98 MW.
Both projects are located near Edinburgh at Couper Angus and Arbroath, and will be used to provide balancing services to National Grid. Bia believes South Scotland has locational benefits for storage projects as this is a region where significant grid constraints exist therefore projects can benefit from increased revenue due to regular instances of negative pricing.
Bia Power mandated Ager Capital Partners to run the sale process as exclusive sell-side advisor and Bird & Bird as legal counsel.
Gresham House mandated Burges Salmon as Legal Advisor, Fichtner as Technical Advisor and Rees Pollock, a part of Blick Rothenberg, to carry out financial and tax due diligence.
Bia has a significant pipeline of development projects in the UK and the USA which will have a pivotal role enabling sustainable power generation and in reversing climate change. Beyond the existing pipeline Bia plans to continue to invest in future projects to further contribute to achieving global climate change goals.
Mehul Bhimjiyani of Ager Capital Partners, said: “Selling to Gresham House, manager of the largest battery energy storage fund in the UK, is a major achievement for Bia as it validates the business model for energy storage. Bia has always believed that battery energy storage projects are vital to deliver the country’s net zero ambitions, and we all look forward to seeing these projects constructed and operational”.
For further enquiries please contact:
Mehul Bhimjiyani
Ager Capital Partners
Website: www.bia-power.com
