Statkraft has agreed a deal to acquire the 450MW Red John Pumped Storage Hydro Scheme – located near Inverness, Scotland – from Intelligent Land Investments Group (ILI).
The scheme was granted consent by the Scottish Government in June 2021.
Pending a final investment decision, the project could potentially support hundreds of jobs during construction and provide local permanent jobs once operational.
Kevin O’Donovan, Statkraft’s UK managing director, said: “The acquisition of this significant pumped hydro storage scheme will play a key role in the UK reaching its net zero goals, but there needs to be an appropriate support mechanism in place, so we’re now looking to the UK Government to provide the certainty that will allow us to proceed with confidence.”
Mark Wilson, chief executive of ILI, said: “From its inception until now, Red John has been eight years in getting to this stage and has required the expertise and dedication of a fantastic team. Entrusting Red John to Statkraft reflects our confidence in their capability to realise its potential and rekindle Scotland’s hydro legacy. As we stand on the threshold of a greener future where long-duration storage like Red John is paramount, we believe the UK can lead in renewable energy paired with energy storage as a keystone for the energy transition.”