Gresham House finishes biggest battery project with ₤ 32.5 m investment
- Gresham House Energy Storage Fund has completed its financial investment in the 50MW/75MWh Thurcroft battery storage site.
It has actually been gotten from Gresham House DevCo as well as Noriker Power, with Gresham House having actually acquired a 5% risk in the latter in 2019.
The Thurcroft property was gotten from the two programmers for a total enterprise worth of ₤ 32.5 million, plus up to ₤ 0.75 million of postponed contingent consideration. It becomes Gresham House's 11th operational utility-scale battery storage project, bringing the total profile to 265MW.
Given that energisation, it has actually provided frequency feedback ability in National Grid ESO's brand-new Dynamic Containment solution as well as is set to create earnings from trading in the wholesale market as well as from National Grid ESO's FFR tenders and the Balancing Mechanism.
It is anticipated that completion of the procurement of one more property, the 50MW Wickham battery storage space site, is to happen soon.
John Leggate CBE, chair of Gresham House Energy Storage Fund, stated: "Thurcroft is our largest battery project yet and we're delighted that it's currently live. The vibrant fluctuations in power on the National Grid throughout lockdown, as well as the undisputable surge of wind and also solar installations, have actually honed the focus on the requirement for fast-acting, flexible storage at range."
Prior to Thurcroft's completion, the 49MW Red Scar asset was Gresham House's largest, having finished its ₤ 32.8 million purchase in January 2020.