(Alliance News) - Gresham House Energy Storage Fund PLC on Tuesday said it has successfully energised its West Didsbury project near Manchester, England.
The investor in utility-scale battery energy storage systems said the 50 megawatt project takes its portfolio's operational capacity to 690 megawatts.
Gresham House Energy Storage expects West Didsbury to be revenue generating from next month, with the project also planned to undergo a duration extension to two hours in early 2024, which will take the capacity of the site to 50 megawatts/100 megawatt hours.
This will increase West Didsbury's earnings potential, Gresham House Energy Storage said. The project was developed and built by Statera Energy Ltd, while Arenko Cleantech Ltd is responsible for trading optimisation.
Ben Guest, fund manager of Gresham House Energy Storage and managing director of Gresham House New Energy Ltd, commented: "With three projects totalling 140 [megawatts] energised so far in 2023, we are making good progress towards fully commissioning our 2023 pipeline and reaching our target of [one gigawatt] of operational projects by [the first half of] 2024 and 1.1 [gigawatts]/1.7 [gigawatt hours] by the end of 2024, excluding any potential disposals.
"With each new [megawatt] and [megawatt hour] of capacity added, we drive down the threshold of cashflow per [megawatt] and per [megawatt hour] required to cover our dividend. We look forward to announcing new project energisations, which will drive further operational scale, in the coming months."
Shares in Gresham House Energy Storage were down 1.6% to 102.80 pence each in London on Tuesday morning.
By Greg Rosenvinge, Alliance News senior reporter
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Gresham House (GRID)