Gresham House Energy Storage Fund has signed sales and purchase agreements (SPAs) to acquire two new battery energy storage systems (BESS) in Scotland and England.
The company has signed agreements for the 240 MW Cockenzie project in East Lothian, Scotland, and the 57 MW Monet’s Garden project in North Yorkshire, England, together with a total capacity of 297 MW.
In addition, the acquisition of Monet’s Garden has effectively been completed and ownership has been transferred to Gresham House Energy Storage Fund, which is listed on the Specialist Fund Segment (SFS) of the London Stock Exchange under the ticker ‘GRID’. The acquisition of the 100 MW Elland 2 project, for which a SPA was announced in November 2025has also been completed.
All three projects are designed as 2-hour systems, with a total of 397 MW/794 MWh of new storage capacity in the company’s pipeline. Their capacity can also be expanded in the future.
They are part of the company’s three-year plan to acquire five projects with a total capacity of 694 MW, one year after their implementation.
Monet’s Garden will share a substation with GRID’s existing 50MW York project, so the pair can be seen as a combined 107MW project. The same applies to Elland 2 and the already operational 50MW Elland project, according to GRID.
However, the acquisition of Cockenzie remains conditional on the company being satisfied that it will receive or has already received a Gate 2 connection offer from the National Energy System Operator (NESO). That refers to the overhaul of the UK grid connection process by NESO and regulator Ofgem, an ongoing attempt to clear the interconnection backlog. Last month is one Just over 300 GW of energy projects received Gate 2 offers, for connection before 2035but the full list has not been publicly released.
Gresham House, asset manager and manager of GRID, is working on financing options to commence construction of the project once the Gate 2 bid is confirmed.
The company did not reveal the vendors of the projects.
GRID’s operational large-scale BESS portfolio in the UK is 1,072 MW/1,701 MWh, making it the largest owner-operator in the country.
After a rocky 2023/2024 for revenues in the UK BESS market, GRID and other major UK BESS owners have had a relatively quiet period in terms of project acquisitions and expansions. Declining revenues and net asset value (NAV) forced a focus on fiscal discipline, with GRID prioritizing project expansions and dropping some of its international plans (something a GRID manager discussed in an interview with our sister site Energy storage.news mid 2024).
GRID’s triple project acquisition shows a return to normal, driven by a stabilizing revenue environment, both in the broader market and in the company’s own finances thanks to Various toll and floor agreements were signed in 2025, covering most of the portfolio. NESO and Ofgem’s grid connection overhaul may also have delayed project mergers and acquisitions until there was clarity on whether projects received pre-2035 offers.
