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(Alliance News) - Gresham House Energy Storage Fund PLC on Tuesday said it has bought a five megawatt battery-only project in Wolverhampton for an enterprise value of GBP3.5 million.
The project has been acquired from a vehicle owned by Gresham House DevCo Ltd and Noriker Power Ltd. The acquisition increases the total capacity of operational utility-scale battery storage projects in the fund's investment portfolio to 75 megawatts.
Gresham said the project was connected to the distribution network and the commissioning tests were successfully completed in April. The project generates revenue primarily from asset optimisation, whereby it imports and exports power in order to earn income.
Looking ahead, Gresham said it continues to benefit from a strong pipeline of new opportunities and expects to acquire its next utility-scale battery storage asset, of 49 megawatts, by the end of 2019.
The company is expecting to have 229 megawatts in operation by the end of the first quarter of 2020.
"We are pleased to have completed our investment in Wolverhampton. Utility-scale battery storage is crucial to a renewable energy future in the UK and has significant potential from an investment standpoint," said Chief Executive Ben Guest.
Gresham House Energy Storage Fund shares were untraded in London on Tuesday, last closing at 104.19 pence each.