Gresham House Energy Storage Fund plc (LON:GRID) said today it has finalised the purchase of the 30-MW/30-MWh Byers Brae battery energy storage system (BESS) in Scotland.
The asset was acquired for a total enterprise value of GBP 15.6 million (USD 21.7m/EUR 18.1m), plus up to GBP 35,000 of deferred contingent consideration. It was sold by developers Gresham House DevCo Limited and Noriker Power Ltd.
The battery-only site is located near Wester Dechmont, West Lothian, and was brought online last month by Greek industrial group Mytilineos SA. The latter's Renewables and Storage Development (RSD) business was contracted for the job.
Byers Brae will mainly bring revenues through asset optimisation, taking advantage of National Grid’s balancing mechanism, as well as from frequency response services. It currently provides system flexibility via National Grid’s Dynamic Containment frequency response product.
“Its location makes it well placed to ease system constraints arising from bottlenecks in the physical network between UK wind generation in the north and power demand in the south,” said Ben Guest, head of Gresham House New Energy.
The acquisition has expanded the total operational capacity in Gresham House’s portfolio to 425 MW.
(GBP 1.0 = USD 1.390/EUR 1.157)
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