January 2 (Renewables Now) - Gresham House Energy Storage Fund Plc (LON:GRID) has completed the acquisition of a 49-MW battery-only project near Preston, northern England, it said on Thursday.
Gresham House acquired the Red Scar project for a total enterprise value of about GBP 32.8 million (USD 43.1m/EUR 39.2m) from developers Gresham House DevCo Ltd and Noriker Power Ltd.
Red Scar was handed over on December 31, after the successful completion of commissioning tests and grid connection. It is one of the exclusive portfolio projects being developed by subsidiaries and associates of Gresham House plc (AIM:GHE) for sale to the fund and included in Gresham House Energy Storage Fund’s initial public offering (IPO) prospectus, published in October 2018. The project brings the total capacity of operational battery storage projects in the fund's investment portfolio to 174 MW.
The fund expects to buy another three projects in the coming months after they become operational, it said. These include two 50-MW projects and a 5-MW extension to the 8-MW Littlebrook project in Kent.
(GBP 1.0 = USD 1.313/EUR 1.194)