33MW Battery Letting, Avonmouth Energy Park
ELECTRIC LAND in its joint venture with Low Carbon Alliance (LCA), has completed the letting of phase 1 of its Avonmouth Energy Park to Voltalia, the fully integrated multi-energy, multi-national renewable energy group, with over 1.2GW in operation and construction of solar and wind, and a pipeline of 7.8GW including battery storage, with 5bn euros in secured revenues (2019-2044).
The site was leased for 25 years “shovel-ready”, with planning permission, grid connection and a Capacity Market contract in place for a 33 MW Battery Storage facility. Voltalia have commenced pre-construction work and expect to be operational next Summer.
Marketing of a 2nd phase of Avonmouth Energy Park has commenced, also shovel-ready, for a 50 MW Reserve Power Generation Facility, extendable to 65MW. Subsequent land will be made available in due course. Avonmouth is ELECTRIC LAND’s largest project to date in the JV with LCA and its 5th successful development project. ELECTRIC LAND now has a portfolio of over 20 sites, 12 leased and already delivering over 165 MW of a consented 286 MW of generation and storage, and the balance forming a development pipeline for a further 247MW on individual sites from less than 1 acre to over 100 acres. Last year it raised additional equity and has commenced buying freehold ground rents of operational assets from operators, developers and accidental landlords.
ELECTRIC LAND is the specialist energy infrastructure land promotion and investment vehicle of the Foundation Property & Capital Group, held in its most recent co-investment fund, FPC Income & Growth PLC, launched in 2019. Low Carbon Alliance is a specialist surveying and engineering business specialising in power, property and carbon reduction projects for the transition to a net zero economy.
Ben Lansman, Group Managing Director, commented: “Since the launch of our 1st House fund in 2011, we have focused on niches where we can use our rare expertise in managing small, complex projects to generate a secure income return whilst focusing on creating significant capital value. Initially that was primarily from Convenience retailing, but for the last 5 years it has also and increasingly been from energy infrastructure. We take early stage development risk and actively manage projects which ultimately deliver long, ultra-secure, index-linked income from infrastructure ground rents. In these challenging times it is unusual to have a portfolio delivering 100% of contracted income to our shareholders where we can continue to re-invest and leverage our capital gains into a rapidly growing asset class operated by utility companies crying out for more renewable energy capacity.”
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