Norway’s Statkraft has signed a set of power purchase agreements (PPAs) with Gresham House Energy Storage Fund (GRID) to optimise 412 megawatts (MW) of operational battery energy storage systems (BESS) across 13 UK sites.
The agreements include a minimum income guarantee, intended to support asset augmentation and refinancing. Existing PPAs will be integrated into the new framework, allowing the portfolio to benefit from the income floor mechanism.
With the latest deal, Statkraft’s UK battery optimisation portfolio surpasses 3 gigawatts (GW), the company said on Wednesday.
“This agreement means Statkraft can support GRID in delivering shareholder value, as well as contributing towards the decarbonisation of the GB energy system,” said Brian Lonn, Statkraft’s head of UK flexibility.
Ben Guest, fund manager at GRID, described the income-guaranteed structure as a relatively recent development in the battery storage sector.
“PPAs with minimum income guarantees are relatively new to the BESS industry,” Guest said. “We are pleased to be expanding our relationship with Statkraft through this significant new agreement.”
The UK battery storage sector has seen growing investor interest as developers and fund managers seek stable returns while supporting the shift towards renewable energy.
