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Gresham House fund acquires 5-MW battery in UK

Gresham House Energy Storage Fund PLC has acquired a symmetrical 5-MW battery storage project in Wolverhampton, U.K., for an enterprise value of approximately £3.5 million.

The company noted that the project is one of the exclusivity portfolio projects identified by the company in its IPO prospectus published in October 2018.

The closing of the acquisition boosts the fund's total capacity of operational utility-scale battery storage projects to 75 MW. It expects to acquire another 49 MW of utility-scale battery storage facilities by the end of the year, after commissioning.

The company also said Gresham House DevCo Ltd. and Noriker Power Ltd. — the project developers who sold it the Wolverhampton asset — are expected to begin construction of two utility-scale battery storage projects with a combined capacity of 50 MW in the next few months.

Gresham House Energy Storage Fund owns a portfolio of six utility-scale operational energy storage systems located in the U.K and is managed by Gresham House Asset Management Ltd.