(Alliance News) - Gresham House PLC said Thursday it has sold its 49 megawatt battery-only project, known as Red Scar, to Gresham House Energy Storage Fund PLC for GBP32.8 million.
The Red Scar project, located on the Red Scar Business Park outside Preston, England, is one of the "exclusive portfolio projects" being developed by subsidiaries and associates of Gresham House, the company said.
Gresham House said it, through its wholly owned subsidiary Gresham House Devco Ltd and associate Noriker Power Ltd, made a GBP600,000 equity and loan investment in the project. This investment will make an initial net gain on sale of GBP1.2 million, Gresham House said, with deferred payments, conditional on performance, of GBP400,000 expected in twelve months' time.
Gresham House Energy Storage Fund, meanwhile, said it expects to acquire a further three projects in the coming months, following the completion of the Red Scar acquisition.
"These three projects, two of 50 megawatts each and one being the Littlebrook extension of 5 megawatts, will increase the fund's total operational portfolio to 279 megawatts," the fund noted.
Gresham House shares were up 1.5% in London at 619.00 pence each on Thursday. Meanwhile, Gresham House Energy Storage Fund shares were up 1.4% at 109.00p each.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Gresham House (GRID)