Gresham House Energy Storage Fund Acquisition Increases Operational Portfolio (4596N)
01 February 2021 - 06:00PM
UK Regulatory
TIDMGRID
RNS Number : 4596N
Gresham House Energy Storage Fund
01 February 2021
1 February 2021
Gresham House Energy Storage Fund PLC
(the "Company", "Fund" or "GRID")
Acquisition increases operational portfolio to 395MW
GRID acquires 35MW Port of Tyne and 10MW Nevendon projects
Gresham House Energy Storage Fund plc (LSE: GRID), the UK's
largest operational utility-scale battery storage fund, has
completed the acquisitions of a 35MW battery project located in
North Shields, Tyne and Wear ("Port of Tyne") and a 10MW battery
project located in Essex ("Nevendon") (together the "Projects").
This transaction follows GRID's recent acquisitions of two 50MW
projects (Wickham and Thurcroft) and the 25MW Tynemouth
project.
The Projects are both operational battery-only sites with total
export/import capacity of 45MW and both are connected to the
distribution network. They were commissioned in 2018 and generate
availability-based contracted revenues from Enhanced Frequency
Response services provided to National Grid (maturing in 2022), as
well as having capacity market contracts; Port of Tyne (12-year)
and Nevendon (multiple 1-year contracts).
Current Portfolio
Following the commissioning of Glassenbury B the total
operational capacity of the Fund's investment portfolio (the
"Portfolio") increases to 395MW, across 15 projects in 12 )
counties as shown below.
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
Tynemouth Tyne and Wear 25
Glassenbury B Kent 10
Port of Tyne Tyne and Wear 35
Nevendon Essex 10
--------------- ----------------- ----
Total 395
On 24 December 2020 the Fund announced the conditional
acquisition of the 30MW Byers Brae project in Scotland, which once
completed, will increase the Portfolio capacity to 425MW.
John Leggate CBE, Chair of Gresham House Energy Storage Fund plc
said:
"As we approach our 400MW milestone, we are delighted to acquire
the first two projects of the new pipeline we announced along with
our GBP120 million fundraise in November. These latest projects
boost operational capacity by a further 13%, thereby underpinning
dividend cover and representing a further step in our portfolio
growth ambitions"
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
395MW. 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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