Gresham House Energy Storage Fund has successfully energized its latest addition, the West Didsbury 50MW battery in Manchester, England, elevating the operational capacity of its portfolio to 690MW. The battery is anticipated to begin revenue generation in December.
The West Didsbury project, developed and built by Statera Energy, is set to undergo a duration extension to two hours in early 2024. This expansion will double the site's capacity from 50 megawatt-hours (MWh) to 100MWh, enhancing its overall earnings potential.
Ben Guest, the fund manager of Gresham House Energy Storage Fund and managing director of Gresham House New Energy, highlighted the progress made in 2023, with three projects totaling 140MW already energized. The fund is on track to fully commission its 2023 pipeline, aiming to achieve 1GW of operational projects by H1 2024 and 1.1GW/1.7GWh by the end of 2024, excluding potential disposals.
“With each new MW and MWh of capacity added, we drive down the threshold of cashflow per MW and per MWh required to cover our dividend,” commented Guest. The fund anticipates further project energizations in the coming months, contributing to the expansion of operational scale.
