Gresham House Energy Storage Fund has tapped backers for a further £31 million to expand its utility-scale battery fleet.
It will use the money to add 10MW to the 40MW Glassenbury scheme in Kent. Gresham House bought the unit from VLC in December 2019.
The fundraiser also provides cash to acquire another identified asset, already operational at an undisclosed UK location, and expandable to 50MW. Both parties are in advanced talks, GHESF said.
Gresham House’s IPO in November 2018, which raised £206 million, was its springboard towards the 170MW of utility-scale batteries it now controls. By the end of 2020, the fund aims to almost double that to 330MW of grid-connected storage, chairman John Leggate confirmed.