A peer-to-peer finance platform has launched an offer to invest in a hydropower storage project in Scotland.
Abundance Investment aims to get involved in Intelligent Land Investments Group’s development opportunity, which seeks to win planning consent for up to three pumped storage hydro plants.
Its ILI Pump Storage Hydro project will include a site near Loch Ness, a site in the Trossachs and a site in the Scottish Borders.
Each project is hoped to have an estimated capacity of around 300MW to 400MW – Abundance Investment says it would be the first use of crowdfunding to finance energy storage infrastructure.
Pumped hydro storage works by using surplus electricity to pump water from a downhill to an uphill storage reservoir.
When more electricity is needed than is being produced, the water is released downhill, turning turbines which generate power.
Bruce Davis, Co-Founder and Managing Director of Abundance, said: “As the first step to getting new large-scale energy storage built in Scotland, with the higher risk/reward profile of a development investment, ILI Pump Storage Hydro really is a win-win for green finance.”