Battery investor Gresham House Energy Storage Fund has acquired its first operating project in Scotland. The Byers Brae project near Livingston in West Lothian was acquired from Gresham House DevCo Limited and Noriker Power Ltd, for £15.6 million (plus up to £0.35 million of deferred contingent consideration).
Byers Brae is a battery-only site with a c.30MW/30MW export/import capacity which stared commercial operations in March 2021. The Project is expected to generate revenues primarily from the wholesale market and the Balancing Mechanism, together with frequency response services.
It is currently providing Dynamic Containment services, being a fast-acting frequency response service procured daily by National Grid, and currently remunerated at a premium to FFR.
The acquisition increases the total capacity of operational utility-scale battery storage projects in the Fund’s investment portfolio to 425MW.