Gresham House Energy Storage Fund acquires 35MW Port of Tyne and 10MW Nevendon projects

Gresham House Energy Storage Fund plc (LON:GRID), the UK’s largest operational utility-scale battery storage fund, has completed the acquisitions of a 35MW battery project located in North Shields, Tyne and Wear and a 10MW battery project located in Essex. This transaction follows GRID’s recent acquisitions of two 50MW projects (Wickham and Thurcroft) and the 25MW Tynemouth project. 

The Projects are both operational battery-only sites with total export/import capacity of 45MW and both are connected to the distribution network. They were commissioned in 2018 and generate availability-based contracted revenues from Enhanced Frequency Response services provided to National Grid (maturing in 2022), as well as having capacity market contracts; Port of Tyne (12-year) and Nevendon (multiple 1-year contracts).  

 Current Portfolio

Following the commissioning of Glassenbury B the total operational capacity of the Fund’s investment portfolio increases to 395MW, across 15 projects in 12 ) counties as shown below.

ProjectLocationMW
StaunchStaffordshire20
RuffordNottinghamshire7
LockleazeBristol15
LittlebrookKent8
RoundpondsWiltshire20
WolverhamptonWest Midlands5
GlassenburyKent40
Cleator MoorCumbria10
Red ScarLancashire49
BloxwichWest Midlands41
ThurcroftSouth Yorkshire50
WickhamSuffolk50
TynemouthTyne and Wear25
Glassenbury BKent10
Port of TyneTyne and Wear35
NevendonEssex10
Total395

On 24 December 2020 the Fund announced the conditional acquisition of the 30MW Byers Brae project in Scotland, which once completed, will increase the Portfolio capacity to 425MW.

John Leggate CBE, Chair of Gresham House Energy Storage Fund plc said:

“As we approach our 400MW milestone, we are delighted to acquire the first two projects of the new pipeline we announced along with our £120 million fundraise in November.  These latest projects boost operational capacity by a further 13%, thereby underpinning dividend cover and representing a further step in our portfolio growth ambitions”

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