Gresham House Energy Storage Fund (LSE:GRID) completed the acquisition by Summit Transition Partners of 25% stakes in each of the holding companies that own Cockenzie, Elland 2 and Monets Garden, establishing minority joint ventures that fold STP into GRID's project ownership.
The Company, the UK's largest fund investing in utility-scale battery energy storage systems (BESS), says the deal strengthens its market-leading platform and supports its continued growth strategy.
Summit Transition Partners is a joint venture between Sumitomo Corporation, an integrated trading and investment company, and TPK Holdings, a Taiwan-based manufacturer specialising in touchscreen technology and supply chain management.
STP will provide equity funding for certain pipeline projects and access to significant international energy expertise, and it has exclusivity to take 25% holdings in Lister Drive (57MW/114MWh) and Ocker Hill (240MW/480MWh) on similar agreed economic terms.
Those further investments are expected to conclude at a later date once financing is arranged and completion follows the exclusivity agreement announced on 27 May.
Gresham House described the partnership as an endorsement of its platform and track record and as a means to accelerate deployment and financing of its UK and international BESS pipeline.
