Foresight firms agree to sell stakes in Lunanhead battery project

(Sharecast News) - Foresight Environmental Infrastructure and Foresight Solar Fund announced on Wednesday that they have agreed to sell their 50% stakes in the 50MW Lunanhead battery energy storage project in Perthshire, Scotland, with the deal expected to close later this quarter. Both companies said the sale price was in line with the asset's carrying value as at 30 June, and reflected their capital allocation strategies, under which proceeds were being weighed against options including share buybacks and debt reduction.

Each also holds a 50% stake in the Clayfords battery project, for which strategic options remained under review.

In a further update, the companies confirmed that the jointly owned 50MW Sandridge battery project in Wiltshire had now been energised and entered its final commissioning phase, with commercial operations expected shortly.

Foresight Environmental Infrastructure said Sandridge would become its second operational battery storage asset, joining West Gourdie in supporting renewable energy integration and grid stability, while Foresight Solar said the project would help underpin future income growth as its storage portfolio develops.

At 1001 BST, shares in Foresight Environmental Infrastructure were down 0.48% at 80.01p, while those in Foresight Solar were up 0.8% at 82.25p.

Reporting by Josh White for Sharecast.com.