# NextEnergy Solar Fund’s 50MW energy storage asset begins commercial operations

- Link: https://www.directorstalkinterviews.com/nextenergy-solar-funds-50mw-energy-storage-asset-begins-commercial-operations/4121147872
- Published: 2024-03-19T08:02:57+00:00
- Author: Amilia Stone

**NextEnergy Solar Fund Limited** (LON:NESF), a leading specialist investor in solar
energy and energy storage, is pleased to announce that the Company’s maiden standalone**
50MW** energy storage asset, named Camilla, has successfully begun commercial operations.
This is a significant milestone for the Company as it increases NESF’s total installed
net capacity above 1GW to **1,014MW**.

Camilla connected to the National Grid in December 2023 and progressed successfully
through its final phases of commissioning early this year.  Camilla is a 50MW 1 
hour lithium-ion battery located in Fife, Scotland, which has been pre-configured
for augmentation to 2 hours.  Camilla is the first asset to be delivered through
the Company’s £300m Joint Venture Partnership programme with Eelpower Limited.

The Company is encouraged by the recent progress made by the National Grid as it
continues to make improvements in the dispatching capability of batteries in the
Balancing Mechanism and the introduction of additional reserve products.  This is
positive for new operating assets entering the market at this point, such as Camilla,
as it represents additional revenue opportunities.

On 20 February 2024 National Grid ESO published the provisional results of its T-
1 Capacity Market Auction for delivery in 2024/25.  Camilla successfully bid and
secured a contract with a clearing price of £35.79/kW.  The contract was secured
with a derated capacity of 5.659MW and is expected to generate £202k (£4k/MW on 
a total capacity basis) of additional contracted revenue for the period 1 October
2024 through to the end of September 2025.

The Company’s disciplined approach to capital allocation focuses on accretive investment
activity, consistent with the Company’s investment objective of providing ordinary
shareholders with attractive risk-adjusted returns, principally in the form of regular
dividends.  

> **Helen Mahy, Chair of NextEnergy Solar Fund Limited, commented:**
> _“I am pleased that NESF has achieved commercial operations of its first standalone
> energy storage asset, Camilla a 50MW battery in Fife Scotland.  Camilla is conveniently
> located adjacent to the Glenniston substation and is already connected to the 
> National Grid, supporting constraints on Grid interconnector capacity to areas
> of high demand. Energy storage assets will play a crucial role in the UK’s transition
> to net zero and we are proud to play a central role in achieving this.”_

> **Michael Bonte-Friedheim, Founding Partner and CEO, NextEnergy Group, commented:**
> _“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.  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.”_

> **Mark Simon, CEO of Eelpower, commented:**
> _“Eelpower is very pleased that the 50MW project at Camilla Farm has entered commercial
> operations and are proud to have delivered it with our partners NESF.  We look
> forward to Camilla joining the market-leading assets we have commissioned over
> the last seven years, delivering on the promise that flexible battery assets represent
> for Scotland and supporting the transition to net zero in Great Britain._“

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