Statkraft has decided to buy the Red John Pumped Storage Hydro Scheme from Intelligent Land Investments Group (ILI) in Scotland. Ministers from the Scottish Government gave its approval to the 450 MW project in June 2021. The project was initially proposed in 2015. The project is situated about 14 km south-west of Inverness.
In order to assist ensure supply security as the UK’s electrical grid moves away from fossil fuels, the project will harvest extra renewable energy and store it until it is required. Depending on the ultimate investment decision, this project will sustain hundreds of construction employment and generate locally based permanent jobs once operational.
In November 2023, Statkraft concluded an agreement for the purchase of Enerfin, a Spanish renewable energy company. The transaction has an estimated enterprise value of €1.8 billion, including equity and debt, subject to customary adjustments at completion.
