Battery player Gresham acquires 25MW Tynemouth
- UK-listed investor brings utility-scale storage portfolio to 350MW with most current deal
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."
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