Storage investor Gresham House Energy Storage Fund has completed the acquisitions two projects in the UK totalling 45MW.
The listed player has bought a 35MW battery project located in North Shields, Tyne and Wear, and a 10MW battery project located in Essex.
The projects are both operational battery-only sites with total export/import capacity of 45MW and both are connected to the distribution network.
They were commissioned in 2018 and generate availability-based contracted revenues from Enhanced Frequency Response services provided to National Grid (maturing in 2022), as well as having capacity market contracts.
The total operational capacity of the fund’s investment portfolio is now 395MW, across 15 projects in 12 counties.
Chair John Leggate said: “As we approach our 400MW milestone, we are delighted to acquire the first two projects of the new pipeline we announced along with our £120 million fundraise in November.
“These latest projects boost operational capacity by a further 13%, thereby underpinning dividend cover and representing a further step in our portfolio growth ambitions.”