foresight group buys british battery storage project - battery energy storage

LONDON (Reuters)-
For the first time, xianzhiming group has set foot in the field of battery energy storage and purchased 35 MW (MW)
Infrastructure and private equity investment managers said Wednesday the project is located in the UK.
Foresight, attracted by the prospect of a company that aims to tap the growing demand for renewable energy storage, will use its visionary fund from RES (
Renewable energy system.
See first, there are about 2 of them.
6 billion ($3. 28 billion)
Assets under management, no transaction price is given.
The project is expected to begin operation next year and has signed a contract with the British State Grid (NG. L)
Contracts for the provision of electricity balance services and the provision of electricity balance services by the government
When the demand is high, the power of the system will increase.
RES will continue to build and operate the project, Foresight said.
The rapid growth of solar and wind power means that power supply is increasingly dependent on the exposure of wind or sunlight.
As a result, utilities are looking for new ways to store renewable energy in order to be released into the grid when there is insufficient supply.
In the UK, the challenge is particularly severe, as the buffer between supply and demand is more tight compared to other European countries, and aging fossil fuel plants are shut down.
"The acquisition consolidates Foresight's position as a leader in investment in renewable energy generation and the flexible grid infrastructure needed to adapt to the increasing penetration of renewable energy," said Dan Wells, partner at Foresight, said in a statement.
The Vision Fund manages the portfolio of more than 80 solar projects in the UK, southern Europe, Australia and North America, as well as 28 energy sources for UK waste projects. ($1 = 0. 7924 pounds)