Thistle

The Thistle portfolio consists of four synchronous condenser projects across Scotland. The Rothienorman, Thuso, Gretna, and Neilston projects secured over half of the GBP 323 million total contract value awarded in the second round of National Grid’s Pathfinder Programme. The second round of the programme provided successful parties with 10-year inflation-linked revenue contracts.

Pathfinder II was specifically implemented to enhance inertia and short-circuit level in Scotland due to its growing asynchronous wind farm capacity combined with the retirement of synchronous nuclear and thermal generation assets.

Three out of the four projects are now operational; Rothienorman reached COD in December of 2024 and Thurso and Gretna in May and August of 2025, respectively. Rothienorman and Thurso were the first two synchronous condenser projects from the Pathfinder II Programme to begin providing grid stability services. Neilston, the only remaining project in construction, is well-progressed through construction and is forecast to become operational, by the end of 2025. Once operational the portfolio is forecast to provide over 4 GVA of short-circuit level across the Scottish Grid.

In May of 2024, Quinbrook closed the landmark GBP 120 million portfolio financing of the Thistle and Rassau projects. The facility represents the first financing of Pathfinder I and II synchronous condensers.