Statkraft, Gresham House Seal 412-MW Battery Optimisation PPA Portfolio Deal

• Statkraft UK inks revenue-floor PPAs to optimise Gresham House’s 412 MW battery fleet, guaranteeing income and boosting its third-party storage portfolio beyond 3 GW.

Statkraft UK has struck a series of multi-asset optimisation power purchase agreements (PPAs) that will see the Norwegian state-owned utility manage and monetise 412 MW of battery energy storage systems (BESS) owned by Gresham House Energy Storage Fund (GRID) across Great Britain. The contracts provide GRID with a guaranteed minimum income over their life while giving Statkraft full trading rights in wholesale, balancing and ancillary-service markets.

The portfolio spans 13 operational sites ranging from early “first-mover” projects to recent two-hour batteries: 15-MW Nevendon, 10-MW Cleator, 35-MW Arbroath, 41-MW Bloxwich, 30-MW Byers Brae, 40-MW Coupar Angus, 50-MW Grendon, 49-MW Red Scar, 20-MW Roundponds, 7-MW Rufford, 40-MW Stairfoot, 25-MW Tynemouth and 50-MW Wickham. Collectively they can store 824 MWh—enough to shift more than one million household electricity bills from peak to off-peak each day.

A key feature is the revenue-floor structure. Statkraft guarantees GRID a base level of earnings in return for upside participation, mirroring an earlier 789-MW revenue-floor package announced this month that analysts say secures about £44,000 per MW per year for the fund’s contracted fleet. Such floors, common in wind and solar PPAs, are still novel in Britain’s fast-growing storage sector and are expected to unlock cheaper, longer-tenor debt for refinancings and new builds alike.

Statkraft will deploy its algorithmic trading platform to maximise arbitrage spreads, National Grid ESO’s Dynamic Containment and other flexibility services. The deal lifts the company’s third-party optimisation book in the UK to over 3 GW, cementing its position as the largest independent optimiser of battery assets in the country. Since entering the market in 2006, Statkraft has channelled more than £1.3 billion into British renewables and facilitated 6 GW of new-build generation through PPAs—experience GRID says was decisive in selecting the partner.

Ben Guest, fund manager at GRID, called the agreement “a major de-risking milestone” that will “support both portfolio augmentation and future project financing.” Alex Aguirre, Statkraft UK’s head of flexibility, added that pooling multiple assets under one umbrella “creates the scale needed to capture increasingly granular price signals as the grid decarbonises.”

The transaction lands amid a buoyant week for UK storage finance: on the same day, developer Elements Green announced a £140 million facility for its 360-MW Staythorpe battery, underscoring investor confidence in revenue-secure, large-scale BESS.