Statkraft has agreed to acquire the Red John Pumped Storage Hydro Scheme from Intelligent Land Investments Group.
The 450MW scheme, granted consent by Scottish Government ministers in June 2021, is approximately 14 kilometres southwest of Inverness.
The Red John scheme aims to capture excess renewable energy and store it for future use, contributing to the security of supply.
Kevin O’Donovan, Statkraft’s UK Managing Director, said: “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.
“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.”
