October 22 (Renewables Now) - Gresham House Energy Storage Fund Plc (LON:GRID) has signed a conditional agreement to buy a 49-MW battery storage project in the UK for an undisclosed sum.
The acquisition, if completed, will expand the fund’s investment portfolio to 124 MW, it said in a bourse statement on Monday. The portfolio currently includes six utility-scale battery storage assets with a combined capacity of 75 MW.
Located on the Red Scar Business Park, outside Preston, the target project will be acquired from developers Gresham House DevCo Ltd and Noriker Power Ltd. The facility is planned to be connected to the distribution network and become fully operational in December.
The Red Scar project is one of the identified assets listed in Gresham House Energy Storage Fund’s initial public offering (IPO) prospectus, published last October. Gresham House Energy Storage Fund expects to acquire additional assets from its exclusivity pipeline and have 229 MW in operation by the end of the first quarter of 2020.