Gresham House spends £20m on Arenko’s 41MW Bloxwich battery

Gresham House Energy Storage Fund has completed the 41MW Bloxwich battery storage facility acquisition from Arenko, taking its operational portfolio to 215MW.

Commissioned 12 months ago, Bloxwich targets merchant revenues in the wholesale and balancing mechanism, plus contracted frequency services. 

The deal is for an initial £20.1m, but under deal terms Arenko may receive more from earnout payments.

Gresham House fund manager, Ben Guest, indicated the firm is likely to do more deals with Arenko.

“We are delighted to have completed this acquisition. Arenko is one of only a handful of innovative and technically-capable operators and optimisers of energy storage systems in the market, as demonstrated by their recent announcements. We look forward to working with them as the market burgeons in Great Britain.”

The company outlined its portfolio and also provided an update on its development pipeline. The 50MW Wickham Market and  50MW Thurcroft projects have been slightly delayed by Covid-19 and are now expected to be completed by the end of Q3 2020.

The 10MW Glassenbury extension is due to be commissioned in Q3 2020. Completing those three projects will give the fund will 325MW of operational capacity.

Operational Portfolio