Gresham House's battery portfolio grows with 35 MW

Author: Nick Page. License: CC BY 2.0

January 11 (Renewables Now) - Gresham House Energy Storage Fund plc (LON:GRID) has acquired a 25-MW battery facility and has completed a 10-MW extension, expanding its portfolio to 350 MW, the UK battery storage fund said Monday.

The 25-MW Tynemouth battery-only project is situated in North Shields, Tyne and Wear, North East England, and was purchased from Enel Global Thermal Generation SRL. Commissioned in 2018, the battery provides enhanced frequency response services to National Grid, generating availability-based contracted revenues, the company said.

GRID has also completed a previously announced 10-MW expansion of its Glassenbury project in Kent, with commissioning expected by the end of the month. The extension will take the capacity of the Glassenbury project to 50 MW and the operational capacity of the fund to 350 MW. Including also the conditional acquisition of the 30-MW Byers Brae project in Scotland, announced in December, the fund's capacity will reach 380 MW.

Fund manager Ben Guest said that GRID is moving quickly to invest the GBP 120 million (EUR 133m/USD 162m) it raised in November in its near-term pipeline. "We have observed with great interest the recent wholesale power price short term spikes to above GBP 1,000 per MWh. This has highlighted only too well the urgent need for more energy storage capacity in the UK," Guest further commented.    

(GBP 1 = EUR 1.108/USD 1.348)

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Browse all articles from Plamena Tisheva

Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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