Gresham House buys large 30MW battery storage project
LONDON: Gresham House Energy Storage Fund, the UK’s largest operational utility-scale battery storage fund, has conditionally agreed to acquire a c.30MW battery project located near Wester Dechmont, Livingston in West Lothian, Scotland.
The Project is part of the pipeline described in the Fund’s Prospectus published on 10 November 2020.
Byers Brae is a battery-only site with a c.30MW/30MW export/import capacity which is currently expected to be commissioned in Q2 2021. The Project is expected to generate revenues primarily from asset optimisation (whereby it imports and exports power to earn income from the wholesale market and the National Grid-administered Balancing Mechanism), together with frequency response services.
The Project will be acquired from Gresham House DevCo Limited and Noriker Power Ltd.
Once completed, the acquisition increases the total capacity of operational utility-scale battery storage projects in the Fund’s investment portfolio to 345MW.
In addition, the Fund has a 25MW project in the advanced stages of due diligence, and shortly expects to commission a further 10MW of capacity at its Glassenbury project.
Ben Guest, Fund Manager and Head of Gresham House New Energy, said: “Byers Brae is our first project in Scotland and is expected to help National Grid balance wind generation in the north with power demand in the south. It is located at a point between Edinburgh and Glasgow where physical constraints exist in the transmission system and is therefore expected to benefit from additional revenue System Actions in the Balancing Mechanism.”
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