Gresham House Energy Storage Fund completes acquisition of 50 MW energy storage facilities

Subscribe to our newsletter and get the latest news and business opportunities in your inbox

Gresham House Energy Storage Fund (GRID) has acquired two operational battery storage facilities totaling 50 MW from VLC Energy, a joint venture between Low Carbon and VPI Immingham a subsidiary of Vitol Group, for GBP29.2 million (US$39 million). The acquisition comprises a 40 MW facility at Glassenbury, Kent, and a 10 MW facility at Cleator Moor, Cumbria that were commissioned in January 2018.

The plants are two of the UK's largest energy storage facilities. Their combined 50 MW capacity represents a quarter of National Grid's 2016 Enhanced Frequency Response (EFR) capacity.

Both Glassenbury and Cleator achieved 'G59' commissioning in late 2017 and have EFR contracts to January 2022 awarded following National Grid's 2016 EFR auction and provide sub-second responses to frequency deviations on the national grid. These facilities also benefit from 15-year 2016 Capacity Market contracts. The facilities are backed by 30-year site leases (c.28 years remaining).

In addition, the 40 MW Glassenbury facility has significant potential to offer Reactive Power (RP) revenue-earning services.

 

List of the country updates

Country updates

  • January 08, 2020

    Regency Mines Plc completes acquisition of 20% stake in Allied Energy Services Ltd.

    UK company Regency Mines Plc has announced the completion of the acquisition of the remaining 20% stake in energy storage company Allied Energy Services Ltd. Before the closing of the deal, ...

    Read more
  • January 07, 2020

    European Commission approves acquisition of Senvion's 8.9 GW European Onshore Service Business by Siemens Gamesa

    The European Commission has approved, under the EU Merger Regulation, the acquisition of sole control over certain assets belonging to Senvion GmbH of Germany by Siemens Gamesa Renewable Energy, S.A....

    Read more
  • January 02, 2020

    Cap Vert Energie concludes acquisition of five UK solar assets from RES Group

    Cap Vert Energie has finalized with RES Group the acquisition of five photovoltaic power plants with a total power of 21 MW. The acquisition was carried out in partnership with RGReen. The five proje...

    Read more
  • December 31, 2019

    Scottish Ministers grants planning consent for SSE's 80 MW wind farm repowering project

    SSE Renewables has been granted with the planning consent by the Scottish Ministers for the development of a Tangy wind farm repowering project on the Kintyre peninsula. Located around 10km...

    Read more
  • December 23, 2019

    Greencoat UK Wind takes over 81 MW of wind projects in Dumfries & Galloway

    Greencoat UK Wind has agreed to acquire the Windy Rig and Twentyshilling wind farms from Statkraft UK Limited for a combined consideration of GBP104 million (US$135.2 million), to be paid on completio...

    Read more

Share this update