Two operational battery storage facilities totalling 50 MW in the UK have been acquired by Gresham House Energy Storage Fund for £29.2m ($38.6m).
The fund is managed by Gresham House Asset Management and owns eight utility-scale energy storage systems in Britain with an operational capacity of 125 MW.
Its two latest acquisitions in England were bought from VLC Energy, a joint venture between Low Carbon and VPI Immingham, a subsidiary of Vitol Group.
One is a 40 MW facility in Kent and the other a 10 MW project in Cumbria that were commissioned in January 2018.
The plants are two of the UK’s largest energy storage facilities and their combined 50 MW capacity represents a quarter of National Grid’s 2016 Enhanced Frequency Response (EFR) capacity.
Both projects have EFR contracts to January 2022 and provide sub-second responses to frequency deviations on the national grid. They also have 15-year 2016 Capacity Market contracts.
Gresham House Energy Storage launched an IPO 13 months ago and chairman John Leggate said since then he has been“pleased with progress… this marks the third acquisition since the Seed Assets were purchased at IPO. This takes the fund’s operational portfolio to 125 MW and with a strong pipeline of acquisitions yet to follow.”