The battery storage investor, Gresham House Energy (GRID), says it has conditionally agreed to acquire a 50MW battery project located near Thurcroft, to the east of Rotherham. The Project will be GRID’s largest project to date, and part of the exclusivity pipeline identified in the Company’s October 2018 IPO prospectus.
Thurcroft is a battery-only site with a 50MW export/import capacity and commissioning is expected in Q2 2020. The project is expected to generate 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).
The current portfolio
Once completed, the acquisition increases the total capacity of operational utility-scale battery storage projects in the Fund’s investment portfolio to 224MW.
|
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 |
|
Thurcroft |
South Yorkshire |
50 |
|
Total |
224 |
About GRID
GRID owns a portfolio of utility-scale operational energy storage systems (known as ESS) located in Great Britain. The portfolio has a total capacity of 174MW. The company is managed by Gresham House Asset Management. GRID was admitted to trading on the London Stock Exchange (specialist fund segment) on 13 November 2018 having raised £100m of gross proceeds; it has now raised a total of approximately £237m of gross proceeds from investors.
The Gresham House new energy team has a track record in developing and operating energy storage and other renewable assets having developed 124MW of energy storage systems and approximately 290MW of predominantly ground-mounted solar projects. GRID’s manager currently manages approximately 195MW of solar and wind energy projects.
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 announces largest project to date