Gresham House unveils 45-MW battery storage purchase

The battery storage system in Glassenbury, Kent. Source: Gresham House Energy Storage Fund Plc

February 1 (Renewables Now) - Gresham House Energy Storage Fund plc (LON:GRID) has acquired a 45-MW portfolio of battery storage systems in England, growing its operational fleet to 395 MW.

The UK fund said on Monday it has become the owner of a 35-MW battery facility in Port of Tyne and a 10-MW system in Essex, Nevendon. Commissioned in 2018, the battery-only sites are hooked to the distribution network and provide enhanced frequency response services to National Grid, generating availability-based contracted revenues. Port of Tyne also has in place a 12-year capacity market contract, while the Nevendon facility operates under multiple one-year contracts.

“These latest projects boost operational capacity by a further 13%, thereby underpinning dividend cover and representing a further step in our portfolio growth ambitions,” said chairman John Leggate. He added that they are the first two of the fund’s new 485-MW pipeline that will be financed with the GBP 120 million (USD 133m/EUR135.9m) it raised in November.

Including the new assets, Gresham House owns 15 battery storage projects in 12 counties. Last month, it bought a 25-MW battery-only project in North East England from Enel Global Thermal Generation SRL and also completed a previously announced 10-MW expansion of its Glassenbury project in Kent.

(GBP 1.0 = USD 1.373/EUR 1.132)

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