Israeli developer Nofar Energy has entered into UK renewable energy market by signing an agreement with Interland, an investment group focused on real estate and energy storage investments in the UK and Europe.
Under the agreement, Nofar and Interland will jointly own a dedicated platform for the origination, development, construction, financing, and operation of battery energy storage projects in the UK.
Nofar will hold 75% of the joint venture, and Interland the remaining 25%.
The first project of this new partnership will be Cellarhead, the UK’s largest planned battery energy storage project, according to Nofar.
The project will connect to UK’s power grid using a 300 to 349MW connection, with a storage capacity of about 700 megawatt-hours.
The estimated construction costs of the project are £214m (€252m),…