UK listed energy storage fund seeks 182MW battery project pipeline

LinkedIn
Twitter
Reddit
Facebook
Email
Staunch, an existing Gresham House-owned UK battery storage project. Image: Hazel Capital.

UK investment management firm Gresham House has confirmed it is to launch a fresh fund raising drive as it sets its sights on a new, 182MW pipeline of battery storage projects.

The London Stock Exchange-listed investment fund is expected to close on a 5MW battery storage project in Wolverhampton in the coming weeks. Construction of a 50MW battery storage facility which Gresham is to buy will then start before the end of the year.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

However the fund’s exclusive pipeline of projects extends beyond that figure, with three additional projects totalling 127MW of storage capacity also in Gresham’s crosshairs.

And to pursue that pipeline Gresham has confirmed a fresh placing, announcing the listing of 75 million new shares at 101p (US$1.31) per share which is aiming to raise around £75 million.

That placing was launched yesterday, and is to close on 24 May 2019, with the gross proceeds complementing the £100 million (US$130 million) it raised in November last year.

The fund will be hoping for more success with this placing than its last. Gresham House, formerly Hazel Capital, originally intended to raise £200 million to pursue a 262MW pipeline, but had to settle for half that figure.

Meanwhile, an operational update included within the statement included confirmation that the projects already acquired, a 70MW fully operational portfolio acquired for £57 million, are all functioning as expected and successfully operated as expected over the 2018/19 winter period, exporting power throughout each of the half-hour winter peaks.

The firm also dismissed the potential impact of a loss of Capacity Market revenues as the scheme’s future remains uncertain, suggesting that a complete repeal of the mechanism would result in more volatile intraday trading markets for electricity, rendering battery storage more beneficial and therefor offsetting any loss of income.

Read Next

May 21, 2025
Regulators in Germany are considering two big reforms that could improve the business case for BESS, while developer-operator Green Flexibility has announced its first major project.
May 20, 2025
Battery storage developers and owner-operators Eku, Alcemi, Field and Energy Optimisation Solutions (EOS) make UK project progress with finance and planning approvals.
Premium
May 20, 2025
ESN Premium speaks with Chloe Hicks of EnergyCo about New South Wales’ Renewable Energy Zones (REZ) and its hopes for energy storage.
May 16, 2025
In a contrasting double-header of news for the US energy storage ecosystem, Our Next Energy (ONE) has launched US-made cells, modules and BMS while BESS manufacturer American Energy Storage Innovations (AESI) is winding down its business.
May 16, 2025
The battery storage arm of Canadian Solar expects to make between 7GWh and 9GWh of shipments this year, with the final figure dependent on trade policy developments.

Most Popular

Email Newsletter