Two operational battery storage facilities totalling 50 MW in the UK have been acquired by Gresham House Energy Storage Fund for à‚£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 progressà¢€¦ 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.”