ENERGY STORAGE

Gresham House energises 50MWh UK project and plans capacity increase to 100MWh

May 13, 2024

Gresham House Energy Storage Fund (GRID) has energised its 50MW / 50MWh Penwortham storage project, southwest of Preston, Lancashire in the UK, while plans to double its capacity to 50MW/100MWh are “well progressed and this is expected to be completed during the summer”, a statement said.

The energisation of Penwortham takes GRID’s operational capacity to 790MW / 926MWh.

Ben Guest, fund manager of Gresham House Energy Storage Fund plc & managing director of Gresham House New Energy, said: “Penwortham is our twenty-fifth operational site acquisition since IPO. We’re pleased to have hit this milestone and to be completing projects at a steady pace with Grendon, West Didsbury, York and now Penwortham all being energised in the last nine months.  We remain resolutely focused on delivering the rest of the pipeline in a timely manner, as we set out in our recent annual results.

“Our pipeline projects are expected to be completed, contribute to earnings and be accretive to cashflow per share in 2024. Including duration extensions on 340MW of already operational projects, we expect to reach 1,072MW / 1,696MWh by the end of the year. We look forward to announcing further progress.”