Gresham House Energy Storage Fund Acquisition of Battery Storage Project (7543J)
24 December 2020 - 6:00PM
UK Regulatory
TIDMGRID
RNS Number : 7543J
Gresham House Energy Storage Fund
24 December 2020
24 December 2020
Gresham House Energy Storage Fund PLC
(the "Company", "Fund" or "GRID")
Acquisition of large utility-scale battery storage project
Gresham House Energy Storage Fund PLC (LSE: GRID), the UK's
largest operational utility-scale battery storage fund, has
conditionally agreed to acquire a c.30MW battery project located
near Wester Dechmont, Livingston in West Lothian, Scotland ("Byers
Brae") (the "Project"). The Project is part of the pipeline
described in the Fund's Prospectus published on 10 November
2020.
Byers Brae is a battery-only site with a c.30MW/30MW
export/import capacity which is currently expected to be
commissioned in Q2 2021. The Project is expected to generate
revenues primarily from asset optimisation (whereby it imports and
exports power to earn income from the wholesale market and the
National Grid-administered Balancing Mechanism), together with
frequency response services.
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 345MW.
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
Bloxwich West Midlands 41
Thurcroft South Yorkshire 50
Wickham Suffolk 50
West Lothian,
Byers Brae Scotland 30
Total 345
In addition to the above portfolio, the Fund has a 25MW project
in the advanced stages of due diligence, and shortly expects to
commission a further 10MW of capacity at its Glassenbury
project.
Ben Guest, Fund Manager and Head of Gresham House New Energy,
said:
"Byers Brae is our first project in Scotland and is expected to
help National Grid balance wind generation in the north with power
demand in the south. It is located at a point between Edinburgh and
Glasgow where physical constraints exist in the transmission system
and is therefore expected to benefit from additional revenue System
Actions in the Balancing Mechanism."
For further information, please contact:
Gresham House New Energy
Ben Guest +44 (0)20 3837 6270
Jefferies International Limited
Stuart Klein
Gaudi Le Roux
Neil Winward +44 (0)20 7029 8000
KL Communications gh@kl-communications.com
Charles Gorman +44 (0)20 3995 6673
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
315MW. 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 GBP358 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 234MW of Energy Storage Systems and approximately
290MW of predominantly ground-mounted solar projects. Gresham House
Asset Management currently manages approximately 232MW 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.
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