(Sharecast News) - Gresham House Energy Storage Fund (GRID) has conditionally agreed to acquire a 50MW battery project located near Thurcroft, to the east of Rotherham, it announced on Friday.
The London-listed specialist fund said the project will be its largest to date, and part of the exclusivity pipeline identified in its October initial public offering prospectus.
It said Thurcroft is a battery-only site with a 50MW export-import capacity, with commissioning expected in the second quarter.
The project was expected to primarily generate revenues from asset optimisation, where it imports and exports power in order to earn income from the wholesale market and the National Grid-administered balancing mechanism.
It said the project was being acquired from the developers, Gresham House DevCo and Noriker Power.
Once the Thurcroft acquisition is completed, GRID said it expected to update the market on a number of plans, including the acquisition of the 50MW project located at Wickham Market, the commissioning of a 10MW extension to the Glassenbury project, and concluding due diligence on an operational project which it said had the potential for expansion to more than 50MW, subject to necessary consents.
"We are pleased to have acquired the 50MW Thurcroft project, which follows our addition of 99MW of capacity in December and our recent fundraise," said chairman John Leggate.
"Ben Guest and his team continue to work hard to meet our ambitions for GRID and to invest shareholders' funds in long-term income-producing storage assets."
At 1256 GMT, shares in Gresham House Energy Storage Fund were flat at 90.5p.
Gresham House (GRID)13 Jun 2024 16:05