Buccleuch and Foresight Energy Infrastructure Partners have reached a deal for investment in the Glenmuckloch pumped storage hydro (PSH) and wind farm project in Dumfries and Galloway.
Foresight's energy transition fund is to invest in and then lease the 1,547 acre site, with the aim of bringing the project to fruition.
The project, located at the disused opencast coal mine near Kirkconnel, will see the construction of a co-located 1,600 MWh capacity PSH plant and a 33.6 MW wind farm.
Once constructed, the PSH plant will have eight hours of storage capacity by utilising two 105 MW reversible hydro-turbines, while the wind farm will comprise eight 4.2 MW turbines, giving the ability to power the PSH plant.
The deal marks the culmination of Buccleuch’s day-to-day involvement in the project, although the company will retain ownership of land at Glenmuckloch.
After the collapse of mining operator ATH Resources in 2013, Buccleuch worked to avert a potential environmental calamity at the site, and in conjunction with a range of partners, has restored the land.
Benny Higgins, executive chairman of Buccleuch, said: “Buccleuch has long spoken of the immense potential for a PSH and wind farm project at Glenmuckloch, a project which has been wholly private funded.
“The project could have an incredibly positive impact on local communities, and also at a national level as we face the climate crisis.
“Our appreciation goes to local communities and stakeholders who have supported us over the last decade and allowed us to get the project to a stage where it can enter its next phase.”
The investment should lead to local job creation, during both the project’s construction and throughout its operation.
The introduction of a community benefit fund will see financial support for local community projects and the creation of two reservoirs, which should help with ecological restoration work that is being undertaken at the site to remediate the scar on the landscape left by the now defunct coal operations.
Richard Thompson, partner at Foresight, said: “Long duration energy storage has a critical role to play in the UK helping to reduce power prices for bill payers, enhancing security of supply and accelerating the road to net zero by enabling the integration of more renewables on the system.
“Foresight is delighted to be making its first such investment in a project that will create such a long lasting environmental legacy through the repurposing of a disused coal mine.”
Don't miss the latest headlines with our twice-daily newsletter - sign up here for free.
