Nofar Energy continued its global expansion by moving into the UK renewable energy market. The company reported that it had entered into an agreement with Interland, an investment group that is focused on real estate and energy storage investments in the UK and Europe. Under the agreement, Nofar and Interland will jointly own a dedicated platform for the origination, development, construction, financing, and operation of battery energy storage projects in the UK, that shall be held by the JV. Nofar will hold 75% of the joint venture, and Interland the remaining 25%. The company reported the first project of this new partnership. The report sets out an agreement entered into for the Cellarhead project, UK's largest planned battery energy storage project. The project will connect to UK's power grid using a 300 to 349 Megawatt connection, with a storage capacity of c. 700 MW/h. The estimated construction costs of the project are £214 million, with estimated annual revenues of £42 million and estimated annual EBITDA of £35.5 million respectively. The company plans to start construction in the first half of 2022 and connect it to the grid in the second quarter of 2024. Concurrently, the partnership is developing or working to develop additional battery energy storage projects on a substantial scale. Nofar's entry into the UK is a significant step in its energy storage operations. Nofar constructed and connected Israel's first project to include battery energy storage, that was connected it to the national power grid, at Kibbutz Nir-Yitzhak. Nofar has also signed strategic procurement agreements with Tesla for the supply of battery energy storage with an aggregate capacity of 300 MW/h, and developed the first facility in Israel deploying Tesla's battery energy storage systems to the power grid (at Kibbutz Shoval). The new projects add to dozens of storage facilities to be run by Nofar's partnerships across Israel. Just last week, Nofar inked an agreement with Mivne Real Estate on developing, building and maintaining storage projects with an aggregate capacity of a 400 MW/h, the largest such undertaking in Israel.