The projects, known as Thurcroft and Wickham Market, are part of the exclusive portfolio of projects being developed by subsidiaries and associates of Gresham House plc. Each project is due to be commissioned in summer 2020.
These transactions are the next in a series from the portfolio on which Burges Salmon has advised client Gresham House. In December 2019 Gresham House Energy Storage Fund plc (the Fund) acquired Project Red Scar – a 49-megawatt battery-only project – and in August of the same year the Fund acquired a five-megawatt battery-only project in Wolverhampton. In November 2018 the firm advised Gresham House on the sale by multiple sellers of five fully operational battery storage facilities, with a combined capacity of 70 megawatts, to the Fund.
On completion of the Thurcroft and Wickham Market transactions, the total capacity of operational battery storage projects in the Fund’s investment portfolio will total 274 megawatts.
Burges Salmon partner Camilla Usher-Clark led the team advising on both sales, which also included senior associates Peter Dunn and Briony Barber.
Camilla says: “We’re delighted to have collaborated with the Gresham House team again on the successful conditional sales of both the Thurcroft and Wickham Market battery projects to the Fund. Gresham House continues to go from strength to strength and we feel privileged to be valued as part of their team.”
Gareth Owen, Investment Director at Gresham House says: “It was a pleasure to continue our work with the Burges Salmon team. Thurcroft and Wickham are the largest projects to be transferred to the Fund, and together represent an important addition to its portfolio.”