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Tuesday, January 19, 2021

Gresham House Energy Storage completes 50MW utility-scale Wickham battery project

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Tim Pricehttps://worldofrenewables.com/author/worenewables/
Tim is an original member and founder of World Of Renewables. Since 2005, he has steered WoR to an industry leader within the field of renewable energy news reporting. Tim is now Vice-Chairman of WOREA and played a major role in the merger with WREA.

Gresham House Energy Storage Fund PLC (LSE: GRID), the UK’s largest operational utility-scale battery storage fund, has completed its investment in the 50MW battery project located near Wickham Market, Suffolk (Wickham or the Project). Wickham follows GRID’s recent acquisition of the Thurcroft project and was acquired for a total enterprise value of £32.75 million (plus up to £0.75 million of deferred contingent consideration).

Wickham is a battery-only site with c.50MW/40MW export/import capacity, and 74MWh storage capacity. It is connected to the distribution network and the commissioning tests have now been successfully completed. The Project is expected to generate its revenues from trading whereby it imports and exports power in order to earn income from the wholesale market, and from National Grid’s FFR tenders and Balancing Mechanism. Since energisation, this asset has also provided frequency response capacity under the new Dynamic Containment service procured by National Grid.

The Project has been acquired from Gresham House Devco Limited and Noriker Power Ltd (together, the Developers).

Current Portfolio

The acquisition increases the total capacity of the 12 operational utility-scale battery storage projects in the Fund’s investment Portfolio to 315MW.

Project Location MW
Staunch Staffordshire 20
Rufford Nottinghamshire 7
Lockleaze Bristol 15
Littlebrook Kent 8
Roundponds Wiltshire 20
Wolverhampton West Midlands 5
Glassenbury Kent 40
Cleator Moor Cumbria 10
Red Scar Lancashire 49
Bloxwich West Midlands 41
Thurcroft South Yorkshire 50
Wickham Suffolk 50

 

Total 315

 

John Leggate CBE, Chair of Gresham House Energy Storage Fund plc says:

“The addition of Wickham boosts GRID’s operational capacity by nearly 20%, just weeks after the Thurcroft facility began supplying balancing services to National Grid. These two utility-scale power storage units are among the largest facilities in the UK and will deliver significant incremental revenues to support our target returns. This is clearly a material contribution to enhancing the stability of the grid, and also supports the acceleration of the expansion of UK’s renewable power generation fleet”.

Ben Guest, Fund Manager of Gresham House Energy Storage Fund plc adds:

“We are delighted to complete this acquisition so soon after our successful £120 million fundraising last week, allowing the team to focus efforts on our pipeline opportunities.”

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