Cambridge Power acquires Glasgow battery site – EQ Mag Pro
Project rights include a 40-year lease and a grid connection for a 29MW energy storage facility
Energy storage developer Cambridge Power has acquired a site in Glasgow, Scotland, with project rights for a 29MW battery from Savills.
The deal provides for a 40-year lease with a current annual rental of £50,000 reviewed biannually.
Savills secured a grid connection for the battery, which was then offered to a handpicked list of 55 parties.
Initial round bids were received from 11 of them.
Oli King, from Savills’ energy team, said: “There is an urgent need to be able to store electricity and the level of interest in the opportunity this site presented proves the point.
“We have a database of parties who are looking to acquire such sites and it is clear the transactional side of this sector is growing rapidly, although the supply of new sites is short.”
Source: renews
