Gresham House Energy Storage Fund PLC - Says it has energised its Penwortham project, a 50 megawatt and 50 megawatt hour battery energy storage system just southwest of Preston, Lancashire. Says plans to double Penwortham’s capacity to 50MW/100MWh are ‘well progressed’ and this is expected to be completed during the summer. Says the energisation of Penwortham takes Gresham House Energy’s operational capacity to 790MW/926MWh.

Ben Guest, fund manager of Gresham House Energy Storage Fund & managing director of Gresham House New Energy, comments: ‘Penwortham is our twenty-fifth operational site acquisition since IPO. We’re pleased to have hit this milestone and to be completing projects at a steady pace with Grendon, West Didsbury, York and now Penwortham all being energised in the last nine months. We remain resolutely focused on delivering the rest of the pipeline in a timely manner, as we set out in our recent annual results. Our pipeline projects are expected to be completed, contribute to earnings and be accretive to cashflow per share in 2024. Including duration extensions on 340MW of already operational projects, we expect to reach 1,072MW / 1,696MWh by the end of the year. We look forward to announcing further progress.’

Current stock price: 58.20 pence, up 2.5%

12-month change: down 63%

Copyright 2024 Alliance News Ltd. All Rights Reserved.