Britain’s biggest investor in utility-scale batteries Gresham House Energy Storage Fund (GHESF) today announced its first buy in Scotland, paying £15.6m from its subsidiary and a partner for a new 30MW unit near Livingston.
Sparked up last month, Byers Brae at Wester Dechmont, an industrial estate in the Edinburgh-Glasgow corridor, is a battery-only site – i.e. without on-site generation. It has a fast-in, fast-out 30MW/30MW export-import capacity.
The joint sellers, Noriker Power and Gresham House’s own development arm, designed Byers Brae to collect revenues from grid balancing services and frequency response. At present it provides Dynamic Containment, a specialist super-fast frequency response service (FFR), purchased daily by National Grid. Dynamic Containment fees are currently higher than FFR rates.
Today’s acquisition brings GHESF’s fleet of operating batteries to 425 MW across 16 sites, it confirmed to investors:
|Tynemouth||Tyne and Wear||25|
|Port of Tyne||Tyne and Wear||35|
|Byers Brae||West Lothian, Scotland||30|
*inclusive of 10MW extension
Ben Guest, head of Gresham House New Energy, observed, “Byers Brae’s …location makes it well placed to ease… bottlenecks in the physical network between UK wind generation in the north and power demand in the south”.
Gresham House launched with an IPO in October 2018. Reporting net asset value of £205.9m in April 2020, Guest and chairman John Leggate opined that Britain’s 1GW of batteries then in operation needed to be expanded tenfold as soon as 2024.
Today’s announcement coincides with Gresham House’s solar distribution division inking a revolving credit deal worth £18m with Virgin Money.