Norwegian renewable energy generator Statkraft has agreed to acquire the 450MW Red John pumped storage hydro scheme in Scotland, UK from Intelligent Land Investments Group (ILI).
ILI is a Scottish renewable energy development company that has taken the Red John hydro project from initial conception to development ready.
To be located on a site around 14km southwest of Inverness, the pumped storage hydro project was first conceived in 2015. The Red John project secured consent from the Scottish government ministers in June 2021.
The Scottish hydropower project will capture excess renewable energy and store it until required to deliver power supply security.
Besides, the UK’s renewable energy infrastructure project is anticipated to support hundreds of jobs during construction and offer locally-based permanent jobs once operational.
The final investment decision for the Red John pumped storage hydro scheme is pending.
ILI CEO Mark Wilson said: “From its inception until now, Red John has been eight years in getting to this stage and has required the expertise and dedication of a fantastic team.
“I would especially like to thank the ILI team, AECOM, TLT, PwC, and everyone who has helped in reaching this exciting milestone. Entrusting Red John to Statkraft reflects our confidence in their capability to realise its potential and rekindle Scotland’s hydro legacy.”
Through the acquisition of the Red John hydropower project, Statkraft intends to strengthen its commitment to help Scotland meet its clean energy targets and bolster UK energy security.
Statkraft UK managing director Kevin O’Donovan said: “The acquisition of this significant pumped hydro storage scheme will play a key role in that.
“But there needs to be an appropriate support mechanism in place, so we’re now looking to the UK Government to provide the certainty that will allow us to proceed with confidence.”
Last month, Statkraft agreed to acquire Spain-based clean energy firm Enerfin at an enterprise value of approximately €1.8bn.
