Gresham House Energy Storage buys Preston project – Gresham House Energy Storage Fund has entered into a conditional agreement to acquire a 49MW battery project located on the Red Scar Business Park, by the Longridge Road and the M6 outside Preston. This is one of the exclusivity portfolio projects identified in the IPO prospectus published in October 2018 and will be acquired from Gresham House DevCo Limited and Noriker Power Limited.
The project is expected to be connected to the distribution network and the “G99” commissioning tests completed in December 2019. It is expected to generate 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). Following the Wolverhampton project, this will be the second acquisition since the seed assets were acquired at IPO.
Three further utility-scale battery storage assets, two of 50MW capacity each and one of 5MW capacity, are expected to commence construction imminently. These assets are also being developed by Gresham House DevCo Limited and Noriker Power Limited. Therefore, the company is expected to have 229MW in operation by the end of Q1 2020.
In addition, following the successful placing of 40,432,650 shares announced on 11 October 2019, there is a further pipeline of projects under evaluation, including operational and other pre-construction energy storage system projects.
GRID : Gresham House Energy Storage buys Preston project