Gresham House Energy Storage Fund signs export credit agreements

(Alliance News) - Gresham House Energy Storage Fund PLC on Friday said it signed export credit agency-backed financing agreements.

The London-based investor in utility-scale battery energy storage systems said the deals are for battery energy storage system equipment at its Cockenzie and Monet's Garden projects, totalling 297 megawatts with a two-hour duration.

Gresham House Energy Storage Fund said the credit facilities, provided by Banco Santander SA, will fund up to 50% of battery, inverter and transformer equipment costs and allow payments to be spread over 10 years at a fixed interest rate.

Gresham House Energy Storage Fund also said it has completed the acquisition of the 240 MW Cockenzie project, which is expected to become the largest asset in its portfolio.

The fund added it is progressing wider project financing, including senior debt facilities covering up to 70% of project costs, with construction expected to begin once funding is finalised ahead of 2027 connection dates.

Gresham House Energy Storage Fund shares were 0.7% higher at 74.32 pence each on Friday morning in London.

By Tom Budszus, Alliance News slot editor

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