London-listed Gresham House Energy Storage Fund, managed by Gresham House Asset Management, has conditionally agreed to acquire a 49-megawatt battery project on the Red Scar Business Park in Preston, England.
The fund will acquire the project from its developers, which include Gresham House DevCo and Noriker Power, an English electric utility company.
This will be the second acquisition by Gresham House since the seed assets were acquired at IPO. The acquisition increases the total capacity of operational utility-scale battery storage projects in the fund’s investment portfolio to 124 megawatts.
Three additional utility-scale battery storage assets, two with a 50-megawatt capacity each and one with a 5-megawatt capacity, are expected to commence construction in the near future, bringing Gresham House to 229 megawatts in operation by the end of the first quarter of 2020.
Gresham House Energy Storage Fund owns a portfolio of six utility-scale operational