Battery player Gresham acquires 25MW Tynemouth

Jan 11, 2021 05:43 PM ET
  • UK-listed investor brings utility-scale storage portfolio to 350MW with most current deal
Battery player Gresham acquires 25MW Tynemouth
Image: Gresham House

UK financier Gresham House Energy Storage Fund has actually completed the acquisition of the 25MW Tynemouth battery project in North Shields, Tyne as well as Wear.

Tynemouth is a battery-only website with and is attached to the distribution network. It was appointed in 2018 and also produces availability-based acquired incomes from improved regularity response solutions supplied to National Grid.

The deal brings the investor's functional portfolio of utility-scale batteries to 350MW.

Consisted of in this is a 10MW growth of the Glassenbury portfolio project in Kent was lately finished and also is anticipated to be commissioned by 31 January.

Fund chair John Leggate said: "These additions to the portfolio, as well as the boost in acquired profits from Tynemouth, are an extremely positive method to start the brand-new year."

Manager Ben Guest included: "We have actually observed with wonderful rate of interest the current wholesale power rate short term spikes to above ₤ 1,000 per MWh. This has highlighted only also well the immediate demand for more energy storage space capability in the UK.

" We are relocating swiftly to deploy the ₤ 120 million we raised in November right into our near-term pipe and also anticipate updating shareholders on our ongoing development."