Gresham House Energy energizes Penwortham battery storage project

Gresham House Energy Storage Fund plc (LSE: GRID), the leading investment fund in utility-scale battery energy storage systems (BESS) in the UK, has recently energized its Penwortham project. This project, located just southwest of Preston, Lancashire, initially boasts a capacity of 50MW/50MWh. Plans are already underway to expand this to 50MW/100MWh, with completion expected by this summer.

Expansion of Operational Capacity:

With the addition of the Penwortham project, Gresham House Energy Storage Fund plc has effectively increased its operational capacity to an impressive 790MW / 926MWh. This expansion is a significant part of the fund’s strategy to enhance the UK’s energy storage capabilities and support the national grid in managing supply and demand fluctuations more efficiently.

Gresham House Energy Storage Fund plc announces the successful energization of the Penwortham battery energy storage project, with plans to double its capacity by summer.

Strategic Developments and Future Goals:

Ben Guest, Fund Manager at Gresham House Energy Storage Fund plc and Managing Director of Gresham House New Energy, commented on the achievement: “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 energized 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.”

Guest further outlined the future roadmap, stating, “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.”

The strategic energization of the Penwortham project and the planned capacity expansion represent significant steps forward for Gresham House Energy Storage Fund plc in solidifying its position as a leader in the UK’s renewable energy sector. The project not only enhances the operational capacity but also underscores the fund’s commitment to supporting the UK’s transition to a more sustainable energy future.