NextEnergy Solar Fund Ltd (LSE:NESF) has hit a milestone with Camilla, its first standalone 50MW energy storage project, now up and running. This achievement pushes NESF's capacity over the 1GW mark.
Camilla, a 50MW lithium-ion battery set in Fife, Scotland, connected to the National Grid in December, is its first collaboration under a £300 million joint venture with Eelpower Limited.
The development coincides with recent advancements by the National Grid in enhancing battery dispatch capabilities and introducing new reserve products, offering additional revenue streams for newly operational assets like Camilla.
Last month, Camilla was awarded a contract in the National Grid ESO's T-1 capacity market auction for the 2024/25 period, with a clearing price of £35.79 per kilowatt.
This contract, based on a derated capacity of 5.659MW, is anticipated to bring in £202,000 of extra contracted revenue from October 2024 through September 2025.
"I'm delighted to confirm that Camilla's energisation increases NESF's total installed net capacity to over 1GW, alongside the recent energisation of NESF's first two international solar co-investments," said Michael Bonte-Friedheim, founding partner and CEO of NextEnergy Group, the investment manager.
"Expanding into energy storage complements NESF's existing large portfolio of solar assets on a standalone and co-located basis and provides multiple diversification benefits for shareholders."