Scottish firm, ILI Group, responsible for three pumped storage hydro projects, has raised its target of £1.6mn investment in less than three weeks.
The funds will be used to continue to progress the development of the three projects – a 450MW site at Loch Ness, a 600MW at Loch Tay and a 520MW at Local Awe. Investors were offered a 10% return per year for three years and the funding round was completed on the peer-to-peer investment platform, Abundance.
Mark Wilson, ILI CEO, said that he believed that in the face of climate change, investors had now recognised investments will require backing – regardless of what happens politically. Wilson added: “Energy storage projects like these will be crucial in enabling the deployment of further renewable energy, ensuring we have a clean, stable, and sustainable future.”