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).
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.
|Tynemouth||Tyne and Wear||25|
|Port of Tyne||Tyne and Wear||35|
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”