Hydropower, News

Energy storage firm hits funding goal for pumped storage hydro development in Scotland

ILI Group has completed its second round of investment on the ethical peer-to-peer investment platform Abundance, raising £1.6 million (US$1.96 million) to continue the development of three pumped storage hydro projects in Scotland.

Investors were offered a fixed 10% return per year for three years, and the investment was eligible to be held in an innovative finance individual savings account (ISA).

“We are delighted Abundance investors have again enabled us to reach our investment target and have backed our projects even in the current political uncertainty surrounding Brexit,” said Mark Wilson, ILI chief executive officer. “As the country wakes up to the reality of climate change, it’s my belief that investors have recognised investments that will require backing whatever happens politically. Energy storage projects like these will be crucial in enabling the deployment of further renewable energy, ensuring we have a clean, stable, and sustainable future.”

Wilson reports that ILI’s projects could help offset 2 million tonnes of CO2 a year.

ILI Group has more than 2 GW of pumped storage in the pipeline, with its first 450-MW development, Red John at Loch Ness, currently in planning.

Abundance is a peer-to-peer ethical investment company in the UK. Over the past six years, it has raised £97 million (US$118.56 million) to finance 38 green and socially useful projects, including wind farms, geothermal energy, tidal energy and social housing.

“We are very pleased that ILI has reached its target so quickly,” said Louise Wilson, co-founder and joint managing director of Abundance. “Abundance investors are playing a leading role in funding the development we badly need to transition to a clean energy future, and clearly have a strong appetite for projects like these that are helping to deliver a greener grid.”