International legal practice Osborne Clarke has advised Foresight Energy Infrastructure Partners ("FEIP"), Foresight Group's's flagship energy transition fund on its investment in Pumped Storage Hydro ("PSH") and Wind project in Scotland. Amid growing energy security concerns, the project will play a vital role in balancing the UK's electricity supply through the integration of more renewable generation.
The investment will see the construction of a co-located 1,600 MWh capacity and 33.6 MW wind farm at the dormant 1,820 hectare Glenmuckloch opencast coal mine near Kirkconnel, which has the potential to power over 289,00 homes annually. The PSH plant will provide immediate environmental benefits to the local area, deliver social benefits to the community and support Scotland with its climate change ambitions.
Osborne Clarke's team was led by Partner Matthew Bodfield and Associate Director Alex Underwood who was supported by Associate Ben Parker (corporate); Associate Shraiya Thapa and Partner Simon Hobday (projects); Partner Mat Oliver and Senior Associate Helena Zaba (tax).
Peter Ferguson, David Bone and Lewis Hendry from leading Scottish renewables firm, Harper Macleod, acted on the property, planning and Scots law aspects of the transaction.
Matthew commented: "We're delighted to have supported Foresight on this significant investment, which will be vital in facilitating the integration of intermittent renewable energy generation technologies, reducing energy costs and accelerating the UK's transition to a low carbon future."
Richard Thompson, Partner at Foresight, commented: “Long Duration Energy Storage has a critical role to play in the UK helping to reduce power prices for bill payers, enhancing security of supply and accelerating the road to net zero by enabling the integration of more renewables on the system. Foresight is delighted to be making its first Long Duration Energy Storage investment in a project that will create such a long lasting environmental legacy through the repurposing of a disused coal mine.”
Osborne Clarke has an established and well-respected position as one of the leading law firms advising on renewable energy projects and transactions. As businesses strive to meet the challenges of decarbonisation, Osborne Clarke is supporting its clients on projects to procure, fund and develop the sustainable infrastructure, buildings and land use of the future. The team’s experience and understanding of the energy sector means they are well placed to advise on your decarbonisation journey.