Nofer Energy is increasing its project portfolio in the UK and is expected to build over 1 gigawatt hour in the UK over the next two years. This morning (Wednesday) the company reported entering into another storage project within the dedicated platform with Interland Group.
This is the Toton project, which includes two adjacent storage sites, with a storage capacity of about 260 megawatt hours. The total projected construction costs of the project are approximately NIS 507 million, and it is expected to generate annual revenues of approximately NIS 93 million and an annual EBITDA of approximately NIS 85 million.
The sites hold connection certificates to the electricity grid and are expected to be connected during 2024-2025. In parallel with the establishment of the signed projects (the Cellarhead project, the largest battery electricity storage project in the UK with a storage capacity of about 700 megawatt hours and the Buxton project, with a storage capacity of about 60 megawatt hours), the partnership is promoting the development and entry into several additional power storage projects significant.
Nadav Tana, CEO of Nofer Energy, said: “Nofer Energy continues to expand its global activity in the field of electricity storage, which is characterized by significant growth and high yields, and requires knowledge and skills in the fields of engineering, operation, financing and electricity trading. We are happy to update this morning on the increase in the project portfolio of our storage platform in the UK, which currently promotes storage projects with a capacity of over 1 gigawatt hour. We will continue to lead the field of storage while leveraging our entrepreneurial abilities and the supporting organizational infrastructure that includes a global engineering and operational set-up. I thank the Interland Group for the successful partnership which continues to yield projects of significant scope.”