Gresham House Energy Storage Fund expects to acquire its next battery storage asset by the end of the year, the company said today as it announced the acquisition of a 5MW project.
The listed UK energy storage fund said it has completed a 拢3.5m (鈧�3.8m) investment in the symmetrical battery-only project based in Wolverhampton.
The 5MW project, acquired from a vehicle owned by Gresham House DevCo and Noriker Power, increases the fund鈥檚 total capacity of operational utility-scale battery storage projects to 75MW.
Gresham House said it 鈥漜ontinues to benefit from a strong pipeline of new opportunities鈥� and expects to acquire its next utility-scale battery storage asset, of 49MW capacity, by the end of the year when the developers have completed its construction and brought it online.
Two further utility-scale battery storage assets, of 50MW capacity each, are expected to commence construction imminently; one at the end of September and the other at the end of October 2019, the company added.
The fund is expected to have 229MW in operation by the end of the first quarter of next year.
Ben Guest, head of Gresham House New Energy, said: 鈥淯tility-scale battery storage is crucial to a renewable energy future in the UK and has significant potential from an investment standpoint.
鈥淥ur team鈥檚 unique experience of developing and operating utility-scale battery storage assets, coupled with the Fund鈥檚 pipeline of projects, will be able to deliver excellent shareholder value in what is a rapidly emerging next-generation infrastructure sector.鈥�
