March 20 (Renewables Now) - Gresham House Energy Storage Fund Plc (LON:GRID) said today it has entered a conditional agreement to buy a 50-MW battery storage project in South Yorkshire, England.
The project, located near Thurcroft, will be Gresham House’s largest utility-scale battery storage scheme once commissioned in the second quarter of 2020. The fund bought the asset from developers Gresham House DevCo Ltd and Noriker Power Ltd for an undisclosed sum.
The Thurcroft project is one of the identified assets in an exclusivity pipeline listed in Gresham House Energy Storage Fund’s initial public offering (IPO) prospectus from October 2018. The battery-only site will bring revenues mainly from asset optimisation, earning income from the wholesale market and the National Grid’s balancing mechanism, the buyer said.
Once the latest purchase is completed, Gresham House will expand the utility-scale battery storage projects in its investment portfolio to 224 MW. The fund also plans to further grow this portfolio by acquiring a 50-MW battery storage project at Wickham Market and switching on a 10-MW extension of its 40-MW Glassenbury facility in Kent. It also said it is conducting due diligence on expanding an existing project to over 50 MW.