Copenhagen Infrastructure Partners has announced a partial divestment of its stake in the Devilla battery storage project. The 500MW storage system, located in Scotland’s Kincardine, is expected to be commissioned in 2028.
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The Scottish National Investment Bank and Nuclear Liabilities Fund will acquire the stake for an undisclosed sum. The project is part of CIP’s wider portfolio that spans 4.5GW of battery storage capacity across Scotland and England.
“The delivery of Devilla, alongside CIP’s Coalburn 1 and 2 projects, will improve the UK’s energy security and reduce costs for British consumers through enhanced system flexibility and access to more low-cost renewables”, said Nischal Agarwal, partner at CIP.
SNIB investment director Robin Tayal also welcomed the announcement, citing the project’s contribution to energy security. “Battery energy storage systems are a critical part of improving energy security and stability. The Devilla site is strategically located and will support renewable integration, grid stability, and system flexibility”, he commented.
For the NLF, the transaction forms part of its strategic investment strategy. “This investment aligns with our strategic investment objectives while supporting UK energy security and economic growth”, said NLF chief executive Melissa Hope.
CIP had invested in the project through its Copenhagen Infrastructure IV fund (CI IV). The fund – which reached €1.5bn at first close in 2020 – had an investor base covering over 100 institutional investors.
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