Gresham House Energy Storage Fund Acquisition of Battery Storage Project (8883G)
20 March 2020 - 6:00PM
UK Regulatory
TIDMGRID
RNS Number : 8883G
Gresham House Energy Storage Fund
20 March 2020
20 March 2020
Gresham House Energy Storage Fund PLC
(the "Company", "Fund" or "GRID")
Acquisition of largest utility-scale battery storage project to
date
Gresham House Energy Storage Fund plc (LSE: GRID) has
conditionally agreed to acquire a 50MW battery project located near
Thurcroft, to the east of Rotherham ("Thurcroft") (the "Project").
The Project will be GRID's largest project to date, and part of the
exclusivity pipeline identified in the Company's October 2018 IPO
prospectus.
Thurcroft is a battery-only site with a 50MW export/import
capacity and commissioning is expected in Q2 2020. The Project is
expected to generate revenues primarily from asset optimisation
(whereby it imports and exports power in order to earn income from
the wholesale market and the National Grid-administered Balancing
Mechanism).
The Project will be acquired from Gresham House DevCo Limited
and Noriker Power Ltd (together, the "Developers").
Current Portfolio
Once completed, the acquisition increases the total capacity of
operational utility-scale battery storage projects in the Fund's
investment portfolio to 224MW.
Project Location MW
--------------- ----------------- ----
Staunch Staffordshire 20
Rufford Nottinghamshire 7
Lockleaze Bristol 15
Littlebrook Kent 8
Roundponds Wiltshire 20
Wolverhampton West Midlands 5
Glassenbury Kent 40
Cleator Moor Cumbria 10
Red Scar Lancashire 49
Thurcroft South Yorkshire 50
Total 224
Once the Thurcroft acquisition is completed, GRID expects to
update the market on the following plans:
-- the acquisition of the 50MW project located at Wickham Market
-- commissioning a 10MW extension to the Glassenbury project ("Glassenbury B")
-- concluding due diligence on an operational project which has
the potential for expansion to over 50MW, subject to attainment of
necessary consents
John Leggate CBE, Chairman of Gresham House Energy Storage Fund
plc said:
"We are pleased to have acquired the 50MW Thurcroft project,
which follows our addition of 99MW of capacity in December and our
recent fundraise. Ben Guest and his team continue to work hard to
meet our ambitions for GRID and to invest shareholders' funds in
long-term income-producing storage assets."
For further information, please contact:
Gresham House New Energy
Ben Guest +44 (0) 20 3837 6270
Cantor Fitzgerald Europe
Richard Harris +44 (0) 20 7894 8229
Robert Peel +44 (0) 20 7894 7719
Alan Ray +44 (0) 20 7894 8590
KL Communications gh@kl-communications.com
Charles Gorman +44 (0) 203 995 6699
Camilla Esmund
Alex Hogan
About the Company and the Manager:
Gresham House Energy Storage Fund plc owns a portfolio of
utility-scale operational energy storage systems (known as ESS)
located in Great Britain. The portfolio has a total capacity of
174MW. The Company is managed by Gresham House Asset Management
Limited under the leadership of Ben Guest. The Company was admitted
to trading on the London Stock Exchange (Specialist Fund Segment)
on 13 November 2018 having raised GBP100 million of gross proceeds
from investors. Including issuance under the Placing Programme, it
has now raised a total of approximately GBP237 million of gross
proceeds from investors.
The Gresham House New Energy team has a proven track record in
developing and operating energy storage and other renewable assets
having developed 124MW of Energy Storage Systems and approximately
290MW of predominantly ground-mounted solar projects. Gresham House
Asset Management currently manages approximately 195MW of solar and
wind energy projects.
Gresham House Asset Management is the FCA authorised operating
business of Gresham House plc, a London Stock Exchange quoted
specialist alternative asset manager. Gresham House is committed to
operating responsibly and sustainably, taking the long view in
delivering sustainable investment solutions.
www.greshamhouse.com
Definition of Utility-scale battery Storage Systems
Utility-scale battery storage systems are the enabling
infrastructure that will support the continued growth of renewable
energy sources such as wind and solar, essential to the UK's stated
target to reduce carbon emissions. They store excess energy
generated by renewable energy sources and then release that stored
energy back into the grid during peak hours when there is increased
demand for it.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
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contact rns@lseg.com or visit www.rns.com.
END
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