Statkraft , the leading producer of renewable energy in Europe, has reached an agreement to purchase the Red John Pumped Storage Hydro Scheme project from Intelligent Land Investments Group (ILI), a hydroelectric project on Loch Ness.
The scheme, with a capacity of 450 MW and first conceived in 2015, received approval from the Scottish Government in June 2021. This acquisition reflects Statkraft’s ongoing commitment to supporting Scotland in achieving its renewable energy goals and strengthening the UK’s energy security.
Loch Ness Pumped Hydroelectric Project
Located around 14km south-west of Inverness, the facility will store surplus renewable energy for future use, helping to ensure security of electricity supply as the UK energy system transitions away from fossil fuels.
Statkraft, a company specializing in the development and operation of various energy technologies, including wind, solar, grid stability, hydro, battery storage and green hydrogen, has a strong presence in Scotland, with a headquarters in Glasgow and projects in ongoing, including the Keith Greener Grid Park in Moray and the management of several wind farms.
With projects in the planning or construction stages, the company is looking at potential investments of at least $2 billion in Scotland. On the other hand, Intelligent Land Investments Group (ILI), based in Hamilton, Scotland, is a leading clean energy developer. ILI has led the Red John Pumped Storage Hydro project from its conception to its current phase of development.
Recognized as one of the leading energy storage firms in the UK, ILI has a 4.7 GW-strong portfolio of pumped storage and battery storage hydropower projects.
Kevin O’Donovan, UK managing director of Statkraft, said: “Statkraft is fully committed to supporting the UK in strengthening its energy security and helping to secure the economy. benefits of the net zero transition. The acquisition of this important pumped hydraulic storage system will play a key role in this. But there needs to be an appropriate support mechanism in place, so we now look to the UK Government to provide the certainty that will allow us to proceed with confidence.”.
For his part, Mark Wilson, CEO of ILI, said: “Entrusting Red John to Statkraft reflects our confidence in its ability to realize its potential and reignite Scotland’s hydroelectric legacy. We believe the UK can lead in renewable energy combined with energy storage as a cornerstone for the energy sector transition”.
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