Gresham House Energy Storage Fund has completed the acquisition of a 5MW energy storage system, for just under €4m.
The €3.8m asset, in Wolverhampton in England, was connected to the distribution network in April.
The battery imports and exports power to earn income from the wholesale market and the National Grid’s balancing mechanism.
The fund’s manager Gresham House Asset Management develops energy storage projects through a vehicle owned by Gresham House DevCo and Noriker Power, which the fund acquires when complete.
The acquisition of the Wolverhampton facility increases the total capacity of operational utility-scale battery storage installations in the fund’s investment portfolio to 75MW.
Gresham House New Energy head Ben Guest said: “Our team’s unique experience of developing and operating utility-scale battery storage assets, coupled with the fund’s pipeline of projects, will be able to deliver excellent shareholder value in what is a rapidly emerging next generation infrastructure sector.”
The fund expects to acquire its next utility-scale battery storage asset, which has a 49MW capacity, by the end of the year when Gresham House DevCo and Noriker Power have completed construction and brought the system online.
The developers are also about to commence construction of two other utility-scale battery storage assets, 50MW apiece, one at the end of September and the other at the end of October 2019.
Gresham House Energy Storage Fund is expected to have 229MW in operation by the end of the first quarter of 2020.