Foresight Environmental Infrastructure Ltd (FGEN) and Foresight Solar Fund are understood to have agreed the sale of their combined 100% stake in the 50 MW Lunanhead BESS project in Perthshire, Scotland to newly formed Eelpower Energy.

The yieldcos announced on Wednesday that the project “has been sold to a third-party buyer at a value consistent with the asset’s carrying value as at 30 June 2025, which represents less than 0.2% of the Company’s total portfolio value,” while declining to reveal the name of the buying.

The deal is expected to be completed later this quarter.

Eelpower announced on Wednesday that it had formed the new Eelpower Energy platform alongside Equitix, Australian pension fund Aware Super and the UK’s National Wealth Fund, with the latter three groups committing GBP 500m to the initiative to back the ultimate build-out of a 1 GW portfolio.

The Foresight Group-managed funds acquired Lunanhead from Gigabox Developments in Q4 2022.

The two groups had at the time each planned to invest up to GBP 16.4m in the acquisition and construction of the scheme – then called Whitehills – with commissioning of an initial 45MW of capacity scheduled to occur in early 2024. An additional circa 5MW of capacity was then to be constructed by early 2025.

The JLEN board and investment manager Foresight Group concluded that a sale would represent the best outcome for shareholders, having “assessed developing the investment against alternative capital uses, including the potential returns of share buybacks or debt repayment,” it said.

It continues to explore options for the sale of its 50% stake in Clayfords BESS in Aberdeenshore, which it acquired with Foresight Solar Fund from ILI Group in Q3 2022.

FGEN has separately in recent days energised its 50 MW Sandridge BESS project in Wiltshire.

Representatives for Foresight Group declined to comment on the transaction. Eelpower had not responded to a request for comment by press time.