Ofgem has provisionally selected the Ocker Hill battery project for a 25-year cap and floor revenue support contract, securing long-term government-backed income for GRID's portfolio.

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.

"We are hugely excited about the growth potential of the company over the next few years," said John Leggate CBE, Chair.

The exclusivity arrangement with a JV between Sumitomo Corporation and TPK Holdings, will see the partner pick up stakes in UK battery projects, and provide equity funding to enable immediate construction.

"These milestone transactions mark the beginning of our new pipeline growth and set out a template for how we can fund further growth," John Leggate CBE, Chair of Gresham House Energy Storage Fund, said.

It's signed a deal to acquire a 480MW battery project in Essex, raising its disclosed new-project pipeline to 1,174MW.