Gresham House Energy Storage Fund has completed its investment in the 50MW Wickham Market battery in Suffolk, England.
The project has been acquired from Gresham House Devco and Noriker Power for an enterprise value of £32.75m (€36.44m) plus up to £0.75m of deferred contingent consideration.
Wickham is connected to the distribution network and the commissioning tests have now been successfully completed.
The project is expected to generate its revenues from trading whereby it imports and exports power in order to earn income from the wholesale market, and from National Grid’s FFR tenders and balancing mechanism.
Since energisation, the asset has also provided frequency response capacity under the new dynamic containment service procured by National Grid.
The acquisition increases the total capacity of the 12 operational utility-scale battery storage projects in the fund’s investment portfolio to 315MW.