November 19 (Renewables Now) – Gresham House Energy Storage Fund plc (LON:GRID), launched recently by UK asset management firm Gresham House Plc (LON:GHE), announced on Friday that it has wrapped up the acquisition of its 70-MW seed portfolio.
The fund has paid a total of GBP 57.22 million (USD 73.6m/EUR 64.4m) for five operational energy storage systems, namely Staunch in Staffordshire, Lockleaze in Bristol, Littlebrook in Kent, Rufford in Nottinghamshire and Roundponds in Wiltshire. The particular assets were developed by Gresham House and Noriker Power Ltd.
Gresham House Energy Storage Fund has closed the transaction on November 13, using proceeds from its GBP-100-million initial public offering (IPO), conducted earlier this month. It noted that these assets support its targets for a dividend and total return.
The fund’s goal is to invest in an exclusive pipeline of utility-scale energy storage systems in Great Britain.
(GBP 1 = USD 1.29/EUR 1.13)
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