Gresham House Energy Storage Fund PLC - London-based investor in UK battery energy storage systems - Becomes first UK battery and energy storage systems business to reach operation capacity of 1 gigawatt hour after completed augmentation of Enderby and West Didsbury projects. Each site added 50 megawatts of capacity and is upgraded from one hour to two hour duration. In 2024 the Fund has upgraded its total capacity from 790 megawatts to 1.03 gigawatts. A further 220 megawatts will be added through four planned augmentation projects.

Chair John Leggate says: ‘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. 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.’

Current share price: 71.60 pence

12-month change: down 50%

Copyright 2024 Alliance News Ltd. All Rights Reserved.