24th Dec 2020 08:26
(Alliance News) - Gresham House Energy Storage Fund PLC on Thursday said it has agreed to acquire a 30 megawatts battery project located near Wester Dechmont in West Lothian, Scotland.
The London-based company invests in a portfolio of utility-scale operational energy storage systems. It said Byers Brae is a battery-only site that is currently expected to be commissioned in the second quarter of 2021.
The fund said the project is expected to generate revenue primarily from asset optimisation, together with frequency response services.
Upon completion of the acquisition, Gresham House Energy Storage Fund said the total capacity of operational utility-scale battery storage projects in its investment portfolio will be 345 megawatts.
"Byers Brae is our first project in Scotland and is expected to help National Grid balance wind generation in the north with power demand in the south. It is located at a point between Edinburgh and Glasgow where physical constraints exist in the transmission system and is therefore expected to benefit from additional revenue system actions in the balancing mechanism," said Ben Guest, fund manager & Head of Gresham House New Energy.
Gresham House Energy Storage Fund shares were untraded in London on Thursday, last closing at 111.96 pence each.
By Evelina Grecenko; [email protected]
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