Gresham House Energy Storage Fund Acquisition of Battery Storage Project (2355W)
22 April 2021 - 04:00PM
UK Regulatory
TIDMGRID
RNS Number : 2355W
Gresham House Energy Storage Fund
22 April 2021
22 April 2021
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
completed its acquisition of the c.30MW battery project located
near Wester Dechmont, Livingston in West Lothian, Scotland ("Byers
Brae") (the "Project"). The Project was acquired for a total
enterprise value of GBP15.6 million (plus up to GBP0.35 million of
deferred contingent consideration) and 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 commenced commercial operations in
March 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. It is currently providing Dynamic Containment services,
being a fast-acting frequency response service procured daily by
National Grid, and currently remunerated at a premium to FFR.
The Project was acquired from Gresham House DevCo Limited and
Noriker Power Ltd.
Current Portfolio
The acquisition increases the total capacity of operational
utility-scale battery storage projects in the Fund's investment
portfolio to 425MW.
Project Location MW
--------------- ----------------- ----
Staunch Staffordshire 20
Rufford Nottinghamshire 7
Lockleaze Bristol 15
Littlebrook Kent 8
Roundponds Wiltshire 20
Wolverhampton West Midlands 5
Glassenbury* Kent 50
Cleator Moor Cumbria 10
Red Scar Lancashire 49
Bloxwich West Midlands 41
Thurcroft South Yorkshire 50
Wickham Suffolk 50
Tynemouth Tyne and Wear 25
Port of Tyne Tyne and Wear 35
Nevendon Essex 10
West Lothian,
Byers Brae Scotland 30
Total 425
* inclusive of the 10MW extension
Ben Guest, Fund Manager and Head of Gresham House New Energy,
said:
"Byers Brae adds our first operational capacity in Scotland. Its
location makes it well placed to ease system constraints arising
from bottlenecks in the physical network between UK wind generation
in the north and power demand in the south. The facility currently
provides system flexibility via National Grid's Dynamic Containment
premium frequency response product."
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
425MW. 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 264MW 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.
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
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQPPURUCUPGPGG
(END) Dow Jones Newswires
April 22, 2021 02:00 ET (06:00 GMT)
Gresham House Energy Sto... (LSE:GRID)
Historical Stock Chart
From Feb 2024 to Mar 2024
Gresham House Energy Sto... (LSE:GRID)
Historical Stock Chart
From Mar 2023 to Mar 2024