Gresham House Energy Storage adds two more sites to portfolio
Gresham House Energy Storage Fund (GRID) today announced that it had bought two of the UK’s largest battery storage facilities as it continues to expand its portfolio.
The two facilities, which have a combined capacity of 50 megawatts, were bought from VLC Energy for £29.2m.
Read more: Gresham House reports jump in assets under management
The capacity of the two sites, in Kent and Cumbria, represents a quarter of the National Grid’s enhanced frequency response capacity, which maintains the system frequency.
The acquisition increases the total capacity of operational utility-scale battery storage projects in the Fund’s investment portfolio to 125 megawatts.
The storage systems are crucial for growth of renewable energy sources such as wind and solar, because they store energy from these assets which can then be released back to the grid as and when it is required.
GRID also announced that it would purchase a 49 megawatt project at the Red Scar business park in Preston, which is currently under commissioning.
John Leggate, chairman of Gresham House Energy Storage, said: “We are delighted to follow our successful £41.6m fundraise in October with the acquisition of these operational facilities from VLC Energy.
“We are pleased with progress since our initial public offering (IPO) 13 months ago, and this marks the third acquisition since the Seed Assets were purchased at IPO. This takes the Fund’s operational portfolio to 125 megawatts and with a strong pipeline of acquisitions yet to follow.”
Read more: Gresham House assets under management soar 250 per cent
The fund is also set to increase its capacity by another 105 megawatts in 2020, with three further projects earmarked for purchase.
These include two more 50 megawatt facilities, although commencement of operations might be delayed in the event of a severe winter.