Pumped Storage Hydro

Statkraft to acquire Red John pumped storage hydro project from ILI

Statkraft to acquire Red John pumped storage hydro project from ILI

European renewable power generator Statkraft has agreed to acquire the 450 MW Red John pumped storage hydro scheme from Intelligent Land Investments Group (ILI). 

The scheme was granted consent by Scottish Government ministers in June 2021. Located on a site 14 km southwest of Inverness, it will capture excess renewable energy and store it until needed, helping provide security of supply as Great Britain’s electricity network shifts away from fossil fuels. Pending a final investment decision, this significant UK renewable energy infrastructure project will support hundreds of jobs during construction and provide locally based permanent jobs once operational.  

The acquisition demonstrates Statkraft’s latest commitment to helping Scotland meet its renewable energy targets and strengthening UK energy security, according to a release.

“Statkraft is fully committed to supporting the UK in strengthening its energy security and helping to secure the economic benefits of the net zero transition,” said Kevin O’Donovan, Statkraft’s UK managing director. “The acquisition of this significant pumped hydro storage scheme will play a key role in that. 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.”

Statkraft was founded in Norway more than 125 years ago and is the largest producer of electricity from hydropower in Europe. The company has a number of pumped storage plants in operation in Norway and Germany, alongside over 350 other hydropower plants. Statkraft has a strong presence in Scotland, including a headquarters in Glasgow.  

ILI is a clean energy development company based in Hamilton, Scotland. It has taken the Red John Pumped Storage Hydro project from initial conception to being development ready. ILI has a 4.7 GW portfolio comprised of pumped storage hydro and battery storage projects.

“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,” said Mark Wilson, chief executive officer of ILI. “Entrusting Red John to Statkraft reflects our confidence in their capability to realize 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. There is over 5 GW of pumped storage hydro projects in the UK pipeline which will inject billions into the economy and create over 15,000 new jobs.”