- Gresham House Energy Storage Fund Plc is mulling to acquire Byers Brae project
- The 30 MW battery-only project, Byers Brae is expected to be commissioned by the second quarter next year.
The UK's largest operational utility-scale battery storage fund, Gresham House Energy Storage Fund Plc (LON: GRID) has shown intent to acquire Byers Brae project, a 30 Mega Watts battery project located near Wester Dechmont, Livingston in West Lothian, Scotland.
The pandemic has caught the attention of all the environmental activists and governments, regarding sustainable development by moving towards renewable sources of energy. In a bid to reduce carbon emissions and support energy generation through wind and sun, a specific infrastructure is required which is provided by utility-scale battery storage systems. The energy produced by renewable energy resources is stored into the battery storage systems and can be harnessed by the power grid during peak demand.
The 30 MW battery-only project, Byers Brae is expected to be commissioned by the second quarter next year. The project shall derive its revenues from the balancing mechanism administered by the National Grid along with income from wholesale market operations and frequency response services. The Byers Brae project would be acquired from its developers Noriker Power Ltd and Gresham House DevCo Limited.
Upon successful acquisition of the project, the total capacity of operational utility scale battery storage projects in the Gresham House Energy Storage Fund’s portfolio would go up to 345 MW. In addition, the fund is expected to commission a further 10MW of capacity at its Glassenbury project in the near term, along with progressing a 25MW project with due diligence. The fund has a strong pipeline of projects.
Battery storage projects
The corona crisis has exposed the shortcomings of the national grid. During the peak of the unprecedented crisis, uneven power distribution and load was a major challenge for the national grid as all the economic activities came to a screeching halt. Battery storage projects are the solution for these kinds of challenges. Alternatively, these projects could end up being the milestones in achieving the net zero carbon emissions.
From Fund’s perspective, Byers Brae is their first project in Scotland. The project shall assist National Grid in balancing demand and energy production. This project shall also address the physical constraints existing in the transmission system between Edinburgh and Glasgow that will lead to additional revenue generation for the 30 MW battery storage project.
Based in Great Britain, Gresham House Energy Storage Fund Plc owns a portfolio of utility-scale operational ESS (energy storage systems). The shares of Gresham House Energy Storage Fund got admission to trading on the London Stock Exchange in November 2018.
Having developed 234 MW of Energy Storage Systems and approximately 290 MW of predominantly ground-mounted solar projects, the Gresham House New Energy team has a proven track record in developing and operating energy storage and other renewable assets. Presently, more than 230 MW of solar and wind energy projects are under the management of Gresham House Asset Management.