Gresham House Energy Storage Fund has acquired a further 45MW of projects, bringing its operational portfolio to 395MW.
It has acquired a 35MW battery project in North Shields, in Tyne and Wear (Port of Tyne) and a 10MW project in Essex (Nevendon). While a spokesperson for Gresham House declined to comment, its believed the vendor is Foresight.
Foresight acquired a 10MW Nevendon battery storage site from Gridserve and Aura Power in July 2017, just shortly after acquiring its maiden storage site in June of the same year, a 35MW RES-built Port of Tyne project.
Both Gresham House’s acquired sites were commissioned in 2018 and generate availability-based contracted revenues from enhanced frequency response services for National Grid, set to mature in 2022. Additionally, they participate in the capacity market, with the Port of Tyne asset holding a 12-year contract and Nevendon holding multiple one-year contracts.
The acquisitions follow Gresham House growing its portfolio by 35MW in January through the acquisition of the 25MW battery-only Tynemouth site and the completion of its Glassenbury B extension.
Gresham House now has 395MW of operational storage in its portfolio, with 15 projects spread across 12 counties.
|Tynemouth||Tyne and Wear||25|
|Port of Tyne||Tyne and Wear||35|
Gresham House announced the conditional acquisition of the 30MW Byers Brae battery storage project in Scotland on 24 Decemeber 2020, currently being developed by Gresham House DevCo and Noriker Power. Once this acquisition is completed, the company will have a portfolio of 425MW.
“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,” said John Leggate CBE, chair of Gresham House Energy Storage Fund.
“These latest projects boost operational capacity by a further 13%, thereby underpinning dividend cover and representing a further step in our portfolio growth ambitions.”
Solar Power Portal publisher Solar Media will be hosting the Energy Storage Summit 2021 in an exciting new format on 23-24 February and again on 3-4 March. See the website for more details.