Gresham House Energy Storage Fund hits 1GWh milestone after project upgrades
Gresham House Energy Storage Fund
71.60p
16:34 05/07/24
Battery energy storage systems investment fund Gresham House Energy Storage Fund (GHESF) has announced that it has passed the one-gigawatt hours (GWh) milestone with both its Enderby and West Didsbury projects now trading at increased capacity.
The "augmentation" of Enderby (50MW) and West Didsbury (50MW) sites involved upgrading each from a one-hour duration to two hours, adding 100MWh of additional operational capacity.
This took GHESF's total operational capacity to 1,030MWh, making it the first BESS business in the UK to have passed the 1GWh mark.
GHESF said it has now added 117MWh to currently operational projects through augmentation in 2024 so far, with a further 220MWh expected through four augmentation projects.
"We are very pleased at reaching this strategically important milestone since for the UK to meet its Net Zero targets, BESS needs to be at significant scale," said chair John Leggate.
"The board has taken the decision to focus part of its capital allocation on upgrading certain existing sites which it believes is an efficient use of capital, derisks project execution and improves the portfolio's revenue potential."