Statkraft, a leading renewable energy company, has entered into an agreement to acquire the Red John Pumped Storage Hydro Scheme from the Intelligent Land Investments Group. This major project, boasting a capacity of 450MW, received consent from Scottish Government ministers in June 2021 and is strategically located approximately 14 kilometers southwest of Inverness.

The Red John scheme is designed to harness excess renewable energy, storing it for future use and contributing significantly to the overall security of energy supply. Kevin O’Donovan, Statkraft’s UK Managing Director, emphasized the company's full commitment to supporting the UK in enhancing energy security and promoting the economic benefits associated with the transition to net zero.

In light of this acquisition, Statkraft now looks to the UK Government to establish an appropriate support mechanism, providing the necessary certainty to proceed confidently with this substantial pumped hydro storage scheme.