Gresham House Energy Storage Fund Closing of 25MW battery project and 10MW expansion (1336L)
January 11 2021 - 2:00AM
UK Regulatory
TIDMGRID
RNS Number : 1336L
Gresham House Energy Storage Fund
11 January 2021
11 January 2021
Gresham House Energy Storage Fund PLC
(the "Company", "Fund" or "GRID")
Addition of 35MW further capacity takes operational portfolio to
350MW
GRID acquires 25MW Tynemouth project and completes 10MW
Glassenbury B extension
Gresham House Energy Storage Fund plc (LSE: GRID), the UK's
largest operational utility-scale battery storage fund, has
completed the acquisition of a 25MW battery project located in
North Shields, Tyne and Wear ("Tynemouth" or the "Project").
Tynemouth follows GRID's recent acquisitions of the 50MW Wickham
and 50MW Thurcroft projects and was acquired from Enel Global
Thermal Generation S.R.L.
Tynemouth is a battery-only site with c.25MW export/import
capacity and is connected to the distribution network. It was
commissioned in 2018 and generates availability-based contracted
revenues from Enhanced Frequency Response services provided to
National Grid.
In addition, the construction of the 10MW expansion of the
Glassenbury portfolio project in Kent, announced in February 2020,
was recently completed and is expected to be commissioned by 31
January 2021. This extension is shown below as Glassenbury B and
will increase the operational capacity at the site of the original
Glassenbury project to 50MW.
Current Portfolio
Following the commissioning of Glassenbury B the total
operational capacity of the Fund's investment portfolio (the
"Portfolio") increases to 350MW, across 13 projects 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
--------------- ----------------- ----
Total 350
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 380MW.
John Leggate CBE, Chair of Gresham House Energy Storage Fund plc
said:
"These latest projects boost operational capacity by a further
11%, to 350MW. These additions to the Portfolio, and the increase
in contracted revenues from Tynemouth, are a very positive way to
start the new year."
Ben Guest, Fund Manager of Gresham House Energy Storage Fund plc
said:
"We are delighted to have achieved these recent significant
milestones. We have observed with great interest the recent
wholesale power price short term spikes to above GBP1,000 per MWh.
This has highlighted only too well the urgent need for more energy
storage capacity in the UK. We are moving swiftly to deploy the
GBP120 million we raised in November into our near-term pipeline
and look forward to updating shareholders on our continued
progress."
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
350MW. 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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