Gresham House Energy Storage Fund expects to acquire its next battery storage asset by the end of the year, the company said today as it announced the acquisition of a 5MW project.

The listed UK energy storage fund said it has completed a £3.5m (€3.8m) investment in the symmetrical battery-only project based in Wolverhampton.

The 5MW project, acquired from a vehicle owned by Gresham House DevCo and Noriker Power, increases the fund’s total capacity of operational utility-scale battery storage projects to 75MW.

Gresham House said it ”continues to benefit from a strong pipeline of new opportunities” and expects to acquire its next utility-scale battery storage asset, of 49MW capacity, by the end of the year when the developers have completed its construction and brought it online.

Two further utility-scale battery storage assets, of 50MW capacity each, are expected to commence construction imminently; one at the end of September and the other at the end of October 2019, the company added.

The fund is expected to have 229MW in operation by the end of the first quarter of next year.

Ben Guest, head of Gresham House New Energy, said: “Utility-scale battery storage is crucial to a renewable energy future in the UK and has significant potential from an investment standpoint.

“Our team’s unique experience of developing and operating utility-scale battery storage assets, coupled with the Fund’s pipeline of projects, will be able to deliver excellent shareholder value in what is a rapidly emerging next-generation infrastructure sector.”