Gresham House buys 50-MW battery storage facility

Author: Portland General Electric. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

November 2 (Renewables Now) - Gresham House Energy Storage Fund Plc (LON:GRID) today announced that it has purchased a 50-MW/75-MWh battery storage system located near Thurcroft, to the east of Rotherham, South Yorkshire.

The UK-based fund acquired the battery for a total enterprise value of GBP 32.5 million (USD 41.9m/EUR 36.1m), plus up to GBP 0.75 of deferred contingent consideration, from developers Gresham House Devco Limited and Noriker Power Ltd.

The facility is hooked to the distribution network and has already undergone successful commissioning tests.

This is the largest project for the fund to date and brings the total capacity in Gresham House's portfolio to 265 MW. The fund also expects to shortly close the purchase of the 50-MW Wickham project.

(GBP 1.0 = USD 1.291/EUR 1.110)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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