Gresham House Energy Storage Fund has successfully activated its Penwortham project in England, marking a significant step forward in the UK's energy storage landscape. Situated southwest of Preston in Lancashire, the Penwortham project boasts a robust 50MW/50MWh battery capacity.
Plans to augment Penwortham's capacity to 50MW/100MWh are underway, with substantial progress expected to be made by summer, according to the development fund.
The activation of Penwortham bolsters GRID's operational capacity to an impressive 790MW/926MWh. Reflecting on this achievement, Ben Guest, Fund Manager of Gresham House Energy Storage Fund and Managing Director of Gresham House New Energy, remarked, “Penwortham is our 25th operational site acquisition since IPO. We're pleased to have hit this milestone and to be completing projects at a steady pace…”
He further emphasized the fund's steadfast commitment to executing its pipeline projects in a timely manner, as outlined in its recent annual results. Guest stated, “Our pipeline projects are expected to be completed, contribute to earnings, and be accretive to cash flow per share in 2024.”
The fund anticipates reaching a cumulative capacity of 1072MW/1696MWh by the end of the year, including duration extensions on 340MW of already operational projects. Guest expressed optimism about the future, stating, “We look forward to announcing further progress.”
