CIP, on behalf of its fund Copenhagen Infrastructure IV (CI IV), has signed an agreement to divest a 50% stake in the facility when it becomes operational to AXA IM Alts, a global player in alternative investments, CIP said in a statement.
Coalburn 1 is a 500MW, two-hour lithium ion battery storage facility located in South Lanarkshire, Scotland. CIP made the investment decision in December 2023 and expects to be operational in early 2026. The project has secured revenues through a 10-year optimisation agreement with SSE and a 15-year capacity market agreement.
- As CIP’s development and construction portfolio of UK battery projects continues to grow, we are delighted to welcome AXA IM Alts as a new partner on our Coalburn 1 site, which, when operational in 2026, will be Europe’s largest operational battery project,” said CIP Partner Nischal Agarwal, CEO of CIP.
Coalburn 1 is one of three battery projects that CIP is building in Scotland, with a total capacity of 1.5GW. CIP is also developing a further 4.5GW of battery projects in Scotland and England.
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