A company building a long-duration energy storage facility in Ayrshire that will help meet grid demand and avoid interruptions in supply has raised £130 million to start work.
Highview is building the facility at the site of the former Hunterston power station on land owned by Peel Ports. The facility is expected to be fully operational by 2030.
It will incorporate a grid analytics function that delivers insight into current and future energy usage and grid activity.
This latest investment from the Scottish National Investment Bank, Centrica, Goldman Sachs, KIRKBI and Mosaic Capital brings the total raised to more than £500m.
Scottish National Investment Bank chief investment officer Mark Munro said: “As Scotland scales its renewable energy production, it’s critical that grid resilience is fortified so that more of it can be used.”
Centrica group chief executive Chris O’Shea said: “Low carbon storage is an essential part of the solution for how we manage the energy system of the future.
“Hunterston’s grid and analytics services will also enable the UK grid operator to better balance supply and demand challenges and help ensure our customers have electricity available when the wind doesn’t blow and the sun doesn’t shine.”
Richard Butland, CEO of Highview Power, said the funding “represents a significant step on the road to securing Britain’s long-term energy security and to achieving the Clean Power 2030 plan”.
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