UK investor Gresham House Energy Storage Fund has completed the acquisition of the 25MW Tynemouth battery project in North Shields, Tyne and Wear.
Tynemouth is a battery-only site with and is connected to the distribution network. It was commissioned in 2018 and generates availability-based contracted revenues from enhanced frequency response services provided to National Grid.
The deal brings the investor’s operational portfolio of utility-scale batteries to 350MW.
Included in this is a 10MW expansion of the Glassenbury portfolio project in Kent was recently completed and is expected to be commissioned by 31 January.
Fund chair John Leggate said: “These additions to the portfolio, and the increase in contracted revenues from Tynemouth, are a very positive way to start the new year.”
Manager Ben Guest added: “We have observed with great interest the recent wholesale power price short term spikes to above £1,000 per MWh. This has highlighted only too well the urgent need for more energy storage capacity in the UK.
“We are moving swiftly to deploy the £120 million we raised in November into our near-term pipeline and look forward to updating shareholders on our continued progress.”