Gresham House increases operational portfolio to 395MW

LONDON: Gresham House Energy 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). 

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”.

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