Drax has outbid Foresight Group LLP to acquire the share capital of the publicly-listed Harmony Energy Income Trust (HEIT) for £200 million (US$239.15 million).

This week’s Friday Briefing is largely concerned with the UK’s current period of low revenues for battery storage and how the market can move forward.

The UK battery storage market is suffering a “weak revenue environment”, with assets not able to participate in balancing the GB grid or replacing gas-fired generation to their fullest capability, according to Gresham House Energy Storage Fund.

Gresham House has released annual accounts for the first half of 2023, showing lower H1 2023 revenues and a drop in share value.

Gore Street Energy Storage Fund and LS Energy Solutions are partnering on a 200MW/400MWh battery storage project in California.

Delays in the growth of Britain’s battery storage sector helped boost Gresham House Energy Storage Fund’s portfolio performance.

News of major project acquisitions in another busy week for the UK battery storage market.

London Stock Exchange-listed NESF has launched a joint venture partnership with developer Eelpower worth £200 million (US$233 million).

Gore Street saw its net income increase by 191% over the year to 31 March 2022, whilst the EBITDA of its operational portfolio surged 704%.

Gresham House expects to earn more than US$144 million revenues from Capacity Market contracts.