Copenhagen Infrastructure Partners has agreed to divest minority equity stakes in its Devilla battery energy storage project in Scotland to the Scottish National Investment Bank and the Nuclear Liabilities Fund, bringing two new institutional investors into a project that is expected to be among the largest operational battery storage facilities in Europe when it comes online in 2028.

Project Overview and Location

The Devilla project is a 500-megawatt, two-hour-duration lithium-ion battery energy storage system located in Kincardine, Scotland. The transaction was carried out by Copenhagen Infrastructure Partners on behalf of its Copenhagen Infrastructure IV fund. CIP retains the majority stake in the project and will continue to lead delivery through the current construction phase.

Once commissioned in 2028, the facility will have the capacity to store and supply electricity at a scale that, combined with two companion projects also under construction, will contribute to a broader network capable of supplying more than 4.5 million households for two hours.

The Devilla site is one of three transmission-connected battery energy storage assets co-developed by Alcemi and CIP that are currently being built in Scotland. Together, those three projects will carry a total power capacity of 1.5 gigawatts and will be able to store a combined total of 3 gigawatt-hours of electricity.

Revenue Arrangements and Contracted Income

The project has secured a high level of contracted revenues underpinning its financial foundation. Devilla holds a 10-year optimisation agreement with SSE plc, described in the announcement as a leading generator of renewables and flexible power in Great Britain and Ireland.

Alongside that arrangement, the project has secured a 15-year capacity market agreement, providing what CIP characterised as visibility and a stable foundation for returns while maintaining exposure to market upside.

The New Investors

The Scottish National Investment Bank is a public limited company established in November 2020 and wholly owned by Scottish Government ministers on behalf of the people of Scotland, though it operates independently of the government.

It functions as Scotland's development bank, providing long-term debt or equity investments in businesses and projects aligned with three missions: addressing the climate crisis through a sustainable economy, scaling innovation and technology, and transforming communities. The Scottish Government has committed to capitalising the bank with two billion pounds in its first ten years.

The Nuclear Liabilities Fund was established in 1996 as an independent ring-fenced fund created to meet the costs of decommissioning eight nuclear power stations in the United Kingdom.

To date, approximately 2.8 billion pounds in decommissioning payments have been made. The fund invests its assets to optimise growth, with the decommissioning programme expected to continue into the next century.

What the Partners Said

Nischal Agarwal, Partner at CIP, said the firm looked forward to welcoming the Scottish National Investment Bank and Nuclear Liabilities Fund as new equity partners on the Devilla site.

He noted that once commissioned in 2028, Devilla would be one of Europe's biggest operational battery storage projects, and said the delivery of Devilla alongside CIP's Coalburn 1 and 2 projects would improve the United Kingdom's energy security and reduce costs for British consumers through enhanced system flexibility and access to more low-cost renewables.

Robin Tayal, Investment Director at the Scottish National Investment Bank, said battery energy storage systems are a critical part of improving energy security and stability. He described the Devilla site as strategically located and said it would support renewable integration, grid stability, and system flexibility.

Melissa Hope, Chief Executive of the Nuclear Liabilities Fund, said the investment aligns with NLF's strategic investment objectives while supporting UK energy security and economic growth.

CIP's Broader UK Pipeline

The Devilla transaction reflects a significant and expanding presence by Copenhagen Infrastructure Partners in the United Kingdom's battery storage sector. Beyond the three projects currently under construction in Scotland, CIP is developing a further 4.5 gigawatts of battery energy storage projects across Scotland and England.

Founded in 2012, CIP is a global fund manager with fifteen funds currently under management. The firm has raised approximately 37 billion euros to date and is trusted by more than 200 institutional investors.

It operates across more than 30 countries with a network of over 2,300 professionals and invests across power generation, energy storage, transmission and distribution, advanced bioenergy, low-carbon fuels, and carbon capture.

Powering Your Pipeline: Stay Ahead of Europe's Energy Infrastructure Wave

Across Europe, the power sector is undergoing a transformation of historic scale, from offshore wind expansions in the North Sea to grid modernisation programmes stretching across the continent. For developers, contractors, and investors, the ability to anticipate where activity is heading can mean the difference between winning work and watching from the sidelines.

Keeping pace with that volume of activity demands more than occasional market scans. It requires a structured, continuously updated intelligence resource that maps every stage of a project's lifecycle, giving your team the visibility to act with confidence and speed.

The Global Project Tracking (GPT) platform by Blackridge Research is purpose-built for exactly that challenge, delivering comprehensive coverage of power projects across Europe so your business never misses a critical development in this fast-moving market.

• Upcoming Projects

• Tender Notices

• Contract Awards

• Projects Under Construction

• Completed Projects

To see how the Global Project Tracking (GPT) platform by Blackridge Research can sharpen your view of Europe's power sector. Contact our team today and Book a Free Demo.