Gresham House Energy Storage Fund PLC agreed to acquire a 49-MW battery storage project in Lancashire, England, from Gresham House DevCo Ltd. and Noriker Power Ltd.

The fund identified the facility as one of its exclusivity portfolio projects in its initial public offering prospectus, published in October 2018.

The project is expected to become operational in December, according to an Oct. 21 news release. The facility will store and supply the power in the wholesale market and via the National Grid-administered balancing mechanism.

Gresham House Energy Storage Fund is managed by Gresham House Asset Management Ltd. which is a subsidiary of Gresham House PLC.