PwC advises Foresight on its acquisition of the Blackhillock Synchronous Condenser
PwC is pleased to announce that it acted as lead financial adviser to Foresight Group ("Foresight") on its acquisition of the Blackhillock synchronous condenser facility in North-East Scotland from funds managed by Global Infrastructure Partners (GIP), a part of BlackRock.
The transaction represents a first-of-its-kind acquisition of an operational synchronous condenser in Great Britain, at a pivotal moment for the energy transition.
Located near the Blackhillock transmission substation in North-East Scotland, the facility has been operational since July 2025 and provides c. 2 GVA of short circuit level services to the grid, supporting voltage recovery and enabling resilient grid operations at one of the UK’s most constrained and strategically important transmission nodes.
The transaction builds on PwC’s long-standing relationship with Foresight and demonstrates PwC’s continued successful track record at the forefront of emerging energy asset classes and as well as deep sector expertise with transaction execution capabilities across energy transition and critical grid infrastructure.
“We are delighted to have completed the acquisition of the Blackhillock Synchronous Condenser, a critical grid stability asset that supports the continued growth in renewable energy buildout. We are extremely grateful for the deep sector expertise and hands on support we received from PwC throughout the process.”
“We are proud to have supported Foresight on this important transaction. Blackhillock is a critical component of the UK's grid infrastructure. This transaction is the first-of-its-kind sale of an operational synchronous condenser in the GB energy market. This transaction demonstrates both: the increasing importance of stability services as the electricity system transitions towards increasing renewable generation build-out; and PwC Corporate Finance’s continued leadership in the energy transition M&A market.”
Foresight
Founded in 1984, Foresight is a leading investment manager in real assets and capital for growth, operating across the UK, Europe and Australia. With decades of experience, Foresight offers investors access to attractive investment opportunities at the forefront of change. Foresight actively builds and grows investment solutions to support the energy transition, decarbonise industry, enhance nature recovery and realise the economic potential of ambitious companies. A constituent of the FTSE 250 index, Foresight’s diversified investment strategies combine financial and operational skillsets to maximise asset value and provide attractive returns to its investors. Its wide range of private and public funds is complemented by investment solutions designed for the retail market. Foresight is united by a shared commitment to build a sustainable future and grow thriving companies and economies.
The PwC deal team
The PwC UK Corporate Finance team advising on the transaction was led by Jonathan Massam (Partner) and Robert Senger (Director), with additional advice from James Pincus (Partner) and supported by Sarah Brewer, Mark Douglas, Louis Kennett and Tilda Smaill.
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