Gresham House Energy Storage Fund Acquisition of 49MW Battery Storage Project (4594Q)
October 21 2019 - 2:00AM
UK Regulatory
TIDMGRID
RNS Number : 4594Q
Gresham House Energy Storage Fund
21 October 2019
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21 October 2019
Gresham House Energy Storage Fund PLC
(the "Company" or the "Fund")
Acquisition of a 49MW utility-scale battery storage project
Gresham House Energy Storage Fund plc (LSE: GRID) is pleased to
announce that it has entered into a conditional agreement to
acquire a 49MW battery project (the "Project") located on the Red
Scar Business Park, by the Longridge Road and the M6 outside
Preston. The Project is one of the exclusivity portfolio projects
identified by the Company in its IPO prospectus published in
October 2018.
The Project is expected to be connected to the distribution
network and the "G99" commissioning tests completed in December
2019. The Project 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 by the Company since
the Seed Assets were acquired at IPO.
The Project will be acquired from Gresham House DevCo Limited
and Noriker Power Limited (together, the "Developers").
Current Portfolio
The acquisition increases the total capacity of operational
utility-scale battery storage projects in the Fund's investment
portfolio to 124MW.
Project Location MW Site type
--------------- ----------------- ---- ------------------------------------
Staunch Staffordshire 20 Battery and generators, net
export
Rufford Nottinghamshire 7 Battery and generators, symmetrical
Lockleaze Bristol 15 Battery, symmetrical
Littlebrook Kent 8 Battery, symmetrical
Roundponds Wiltshire 20 Battery and generators, net
export
Wolverhampton West Midlands 5 Battery, symmetrical
Red Scar Lancashire 49 Battery, symmetrical
--------------- ----------------- ---- ------------------------------------
Total 124
Pipeline
Three further utility-scale battery storage assets, two of 50MW
capacity each and one of 5MW capacity, are expected to commence
construction imminently (the "Exclusivity Pipeline"). These assets
are also being developed by the Developers. 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 energy storage
systems ("ESS") and other pre-construction ESS projects. These were
referred to in the announcement of the recent placing, dated 3
October 2019 as the "Further Pipeline".
For further information, please contact:
Gresham House New Energy
Ben Guest +44 (0) 20 3837 6270
Cantor Fitzgerald Europe
Richard Harris +44 (0) 20 7894 8229
Robert Peel +44 (0) 20 7894 7719
Alan Ray +44 (0) 20 7894 8590
Montfort Communications greshamhouse@montfort.london
Gay Collins +44 (0) 779 862 6282
Louis Supple +44 (0) 203 770 7914
About the Company and the Manager:
Gresham House Energy Storage Fund plc 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. 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 GBP202 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 75MW of Energy Storage Systems and approximately
290MW of predominantly ground-mounted solar projects. Gresham House
Asset Management currently manages approximately 200MW 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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END
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