Gresham House Energy Storage signs SPAs for two UK pipeline projects

(Alliance News) - Gresham House Energy Storage Fund PLC on Thursday said it has signed sale and purchase agreements for two pipeline projects totalling 297 megawatts or 540 megawatt hours.

The investor in utility-scale battery energy storage systems said the deals are for Ocker Hill (240MW) in the West Midlands, and Lister Drive (57MW) in Merseyside.

Ocker Hill is a 240MW/480MWh 2-hour BESS project in Wednesbury, West Midlands, with an expected connection date of October 2029. The project has planning permission granted, protected status under grid reform, and benefits from a signed floor contract for the first 12 years of operations. The project also has potential upside through capacity market participation and the potential to be built to a much longer duration.

Lister Drive is a 57MW/114MWh 2-hour BESS project in Liverpool, with an expected connection date of September 2029. Lister also has secured capacity market contracts, providing contracted revenue support, and "offers a clear route to delivery with no unusual or onerous planning conditions identified."

Chair John Leggate said the signing of these SPAs "marks the culmination of an intensely busy" 18-month period for the company.

"Over the last six months we have acquired, or conditionally acquired, over a gigawatt of pipeline capacity which will more than double the size of GRID once operational. We are hugely excited about the growth potential of the company over the next few years," he added.

Shares in the firm rose 6.4% to 85.29 pence each in London on Thursday.

On Wednesday, the company entered a "strategic partnership" with Summit Transition Partners, a joint venture between Japan's Sumitomo Corp and Taiwan's TPK Holding Co Ltd.

Sumitomo is a trading and investment conglomerate, while TPK makes touchscreen technology for automobiles and consumer electronics.

Under the agreement, STP will buy a 25% equity stake in the first three projects in Gresham House Energy Storage's pipeline: Cockenzie, Monets Garden and Elland 2. It also will have exclusivity to buy 25% of two other projects, Lister Drive and Ocker Hill.

By Jeremy Cutler, Alliance News reporter

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