Gresham House Energy completes 5MW grid level battery storage investment – Gresham House Energy (GRID) has announced that it has completed its investment in a symmetrical 5MW battery-only project based in Wolverhampton for a total enterprise value of approximately £3.5m. The project is one of the exclusivity portfolio projects identified by the company in its IPO prospectus published in October 2018.
The project was connected to the distribution network and the “G59” commissioning tests were successfully witnessed and completed in April 2019. The project generates its 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).
Current Portfolio
The acquisition increases the total capacity of operational utility-scale battery storage projects in the Fund’s investment portfolio to 75MW; the portfolio is shown below.
wdt_ID | Project | Location | MW | Site type |
---|---|---|---|---|
1 | Staunch | Staffordshire | 20 | Battery and generators, net export |
2 | Rufford | Nottinghamshire | 7 | Battery and generators, symmetrical |
3 | Lockleaze | Bristol | 15 | Battery, symmetrical |
4 | Littlebrook | Kent | 8 | Battery, symmetrical |
5 | Roundponds | Wiltshire | 20 | Battery and generators, net export |
6 | Wolverhampton | West Midlands | 5 | Battery, symmetrical |
About GRID
GRID owns a portfolio of six utility-scale operational energy storage systems (known as ESS) located in Great Britain. The portfolio has a total capacity of 75MW. GRID was admitted to trading on the London stock exchange (specialist fund segment) on 13 November 2018 having raised £100m of gross proceeds from investors.
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.
GRID: Gresham House Energy completes 5MW grid level battery storage investment
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