PwC Corporate Finance advises Intelligent Land Investments Group on the sale of its Red John Pumped Storage Hydro Scheme to Statkraft AS
The PwC Corporate Finance team is pleased to announce it has advised the shareholders of Intelligent Land Investments Group Plc (“ILI”) on the successful sale of Red John, a ready-to-build 450MW+ pumped storage hydro scheme, to Statkraft AS.
The Red John scheme is to be built on the shores of Loch Ness and is set to be one of the single biggest investments in the Highlands in recent years, creating hundreds of jobs during construction and providing locally-based, permanent jobs once operational. Once developed it will be one of the first pumped storage hydro schemes built in the UK in over 40 years.
Pumped storage hydro, a form of long duration energy storage, will be a vital part of the UK’s energy mix, and will significantly contribute to achieving the government’s net zero targets. Longer duration storage can support a future energy system with high proportions of renewable energy by providing flexible energy supply and demand, and increasing the resilience of energy networks.
ILI Group is a leading clean energy development company with a focus on preparing energy storage assets for development across the UK. The company has a fantastic track record of securing land and achieving planning consent and grid connection. ILI has been developing a unique portfolio of 4.7GW of energy storage projects, consisting of 2.5GW of Pumped Storage Hydro and 2.2GW of utility-scale Battery Storage. With more than 1GW of energy storage projects consented and 400MW of battery storage projects developed and sold over the past two years, ILI has cemented itself as one of the leading energy storage developers in the UK.
“PwC was instrumental in helping secure a great outcome for Red John. The team provided fantastic advice and supported the company through every aspect of the deal to get the transaction over the line. We were really impressed by the quality of potential global investors PwC brought to the table and are delighted that a company with the experience of Statkraft will be taking the project forward.”
Norwegian state-backed Statkraft is Europe’s largest producer of renewable energy, developing, building and operating hydro, wind, solar, gas and biomass assets. The company already has a number of operational pumped storage hydro plants across Europe, alongside more than 350 other hydropower plants. The acquisition demonstrates Statkraft’s latest commitment to helping Scotland meet its renewable energy targets and strengthening UK energy security.
PwC Corporate Finance acted as sell-side financial adviser to ILI - the PwC team advising on the deal included Jon Shelley, Jonathan Massam, Kate Campbell, Nicola King, Lucie Coussmaker, Zain Karbani and Coll MacRae.
“It has been a pleasure working with Mark and the team and we are delighted to have advised on such a landmark transaction for energy storage in the UK. ILI has created a fantastic project and we look forward to seeing the successful development of the iconic scheme, and it becoming operational in the coming years.”
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