Gresham House Energy Storage Fund’s latest acquisition has increased the fund’s total capacity of battery storage projects to 124MW the company said today, adding that it expects its capacity to reach 229MW by the end of the next quarter.

The company, which listed late last year, said it has agreed to buy a 49MW battery project located on the Red Scar Business Park, by the Longridge Road and the M6 outside Preston.

The project – one of the portfolio projects identified by the company in its initial public offering prospectus – will be acquired from Gresham House DevCo and Noriker Power for an undisclosed sum.

Gresham House said the project is expected to generate its revenues primarily from asset optimisation.

The acquisition increases the total capacity of operational utility-scale battery storage projects in the fund’s investment portfolio to seven projects totalling 124MW.

Gresham House said three further utility-scale battery storage assets, two of 50MW capacity each and one of 5MW capacity, are expected to commence construction imminently.

Therefore, the company is expected to have 229MW in operation by the end of the first quarter of next year, it said