Gresham House Energy Storage has moved closer to achieving its goal of 150MW battery storage by Q1 2020, after securing two facilities from VLC Energy.
On 16 December, Solar Power Portal reported that sites in Glassenbury, Kent (40MW) and Cleator Moor, Cumbria (10MW) had been acquired by Gresham for £29.2mn, taking its portfolio of operational utility-scale battery storage projects to 125MW. The newly acquired sites were noted as being some of the biggest grid storage facilities in the UK and both have Enhanced Frequency Response (EFR) contracts to January 2020, as well as 15-year Capacity Market contracts. Gresham noted that the site in Kent also has “significant potential” to offer Reactive Power revenue earning services.
John Leggate CBE, Chairman of Gresham House Energy Storage, said: “We are delighted to follow our successful £41.6million fundraise in October with the acquisition of these operational facilities from VLC Energy. We are pleased with progress since our IPO 13 months ago, and this marks the third acquisition since the Seed Assets were purchased at IPO. This takes the Fund’s operational portfolio to 125MW and with a strong pipeline of acquisitions yet to follow.”