Gresham House Energy Storage Fund PLC - UK utility-scale battery storage fund - Completes investment in 50 megawatt battery project located near Wickham Market, Suffolk. States Wickham project acquisition was for a total enterprise value of GBP32.8 million plus up to GBP750,000 of deferred consideration. Highlights the acquisition increases the total capacity of the 12 operational utility-scale battery storage projects in its investment portfolio to 315 megawatts.
"The addition of Wickham boosts GRID's operational capacity by nearly 20%, just weeks after the Thurcroft facility began supplying balancing services to National Grid. These two utility-scale power storage units are among the largest facilities in the UK and will deliver significant incremental revenues to support our target returns. This is clearly a material contribution to enhancing the stability of the grid, and also supports the acceleration of the expansion of UK's renewable power generation fleet," says Chair John Leggate
Current stock price: 109.98 pence
Year-to-date change: up 2.3%
By Ife Taiwo; ifetaiwo@alliancenews.com
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Gresham House (GRID)