Gresham proceeds procurement spree with development legal rights buy from Arenko

• Gresham House Energy Storage Fund (GRID) has actually continued its purchase spree, getting two brand-new growth legal rights for 50MW projects from Arenko.

The battery software company is selling the legal rights to aid reposition itself to focus on the operation of batteries within the automation market.

In July, it offered its operational 41MW Bloxwich power storage space facility to GRID for ₤ 20 million, as well as introduced its passion to become a pure play software company.

This sale of both projects-- called Monet's Garden and Lister Drive-- will certainly proceed this change, with Arenko signing an arrangement to optimise as well as trade both batteries once they are finished using its AI software.

Rupert Newland, creator and CEO of Arenko Group, claimed the firm was developing an organisation with recurring income streams via long term service contracts such as with GRID.

" This contract creates part of our passion to help numerous battery storage owners to totally optimise their property performance by using our software application. We believe our AI software program platform is world-leading and also we expect collaborating with other battery owners as part of the global energy shift story."

Both storage space systems are expected to be complete in Q1 2022, and also will be straight linked to National Grid's transmission system. GRID has actually established its sights on growing its profile of storage space assets to 350MW in 2020.

It at first introduced this passion in its full-year results for 2019, and declared it in its half-year results for 2020 launched today (1 September). In spite of COVID-19 reducing a number of projects, the business's financial performance continued to be mostly level, as well as it has continued to obtain brand-new projects throughout the initial half of this year, including Wickham Market (50MW), Thurcroft (50MW) and also Red Scar (49MW).

Ben Guest, fund supervisor at GRID claimed the firm was "happy" with the purchase of project legal rights, which would considerably add to its pipe.

" These would count as the Fund's first transmission-connected projects," Guest continued. "We remain to think that having accessibility to a huge, unique pipeline (which GRID specifies purely as shovel-ready project rights owned exclusively for the Fund) as a tactical benefit for the Fund as the market grows."