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Gresham House fund acquires 50 MW of battery storage in UK

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Gresham House fund acquires 50 MW of battery storage in UK

Gresham House Energy Storage Fund PLC purchased two U.K. battery storage projects with a combined capacity of 50 MW for £29.2 million.

The 40-MW project at Glassenbury, Kent, and the 10-MW project at Cleator Moor, Cumbria, were acquired from VLC Energy, a joint venture between Low Carbon and VPI Immingham, a subsidiary of Vitol Group.

Both battery storage facilities were commissioned in January 2018, according to a Dec. 16 announcement.

The acquisition raises the fund's operational battery storage portfolio to 125 MW. Including the previously announced acquisition of a 49-MW storage project at Red Scar Business Park, the portfolio will soon increase to 174 MW.

The fund said it also expects to acquire three other projects — two 50-MW facilities and the 5-MW Littlebrook extension — in the coming months, upon the facilities' commissioning. This will increase the fund's operational portfolio to 279 MW.