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(Alliance News) - Gresham House Energy Storage Fund PLC on Monday said it has acquired two operational battery storage facilities from VLC Energy for GBP29.2 million.
VLC Energy is a joint venture between Low Carbon and VPI Immingham, a subsidiary of Vitol Group.
The investment firm explained that the facilities comprise a 40 megawatts facility at Glassenbury, Kent, and a 10 megawatts facility at Cleator Moor, Cumbria. The facilities are backed by 30-year site leases, of which 28 years are remaining.
The acquisition increases the total capacity of operational utility-scale battery storage projects in the fund's portfolio to 125 megawatts.
Gresham House Energy Storage also said it expects to acquire a further three projects, comprising two of 50 megawatts each and the Littlebrook extension of 5 megawatts in the "coming months".
This will see the company's total operational portfolio increase to 279 megawatts.
"We are delighted to follow our successful GBP41.6million fundraise in October with the acquisition of these operational facilities from VLC Energy," said Chair John Leggate.
He added: "This takes the fund's operational portfolio to 125 megawatts and with a strong pipeline of acquisitions yet to follow."
Gresham House Energy Storage Fund shares were trading 0.4% higher in London at 107.92 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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