Gresham buys UK renewables and battery storage projects from Canadian Solar

The portfolio sold by Canadian Solar comprises a collocated solar and battery energy storage project and a standalone solar project.

  • Canadian Solar will have stay involved, being responsible for the long-term operations and maintenance activities
  • Both projects are fully permitted and construction-ready
  • Gresham House New Energy invests in clean energy projects that harness battery energy storage, solar and wind technologies

Canadian Solar announced on Monday the completion of the sale of two UK-based fully-permitted solar and battery energy storage projects to Gresham House.

The transaction consists of a Durham-based collocated solar and battery energy storage project with 50MWp solar capacity and 38MW of battery energy storage, and a standalone solar project in Warwickshire of 28MWp. The projects are both construction-ready.

Both projects provide economic advantages in the form of shared capital and operating costs, and benefit the UK grid by improving system reliability. The project in Durham represents the second collocated solar and battery energy storage project acquired by Gresham House.

Gresham House an alternative investment manager based in London. Gresham House New Energy is the clean energy division of Gresham House, focused on battery energy storage, solar and wind technologies.

“We are excited by the opportunity to expand our portfolio of subsidy-free renewables and to secure further collocated solar and battery energy storage assets,” commented Peter Bolton, Gresham House investment director, renewable energy. “Gresham House is a long-established investor in both renewables and battery energy storage, and we believe in the strong economic case for collocating the technologies on the same site. This reflects a UK-wide requirement for more renewables capacity and for battery energy storage to support the grid system as further intermittent renewable generation is added.”

Shawn Qu, Canadian Solar’s chairman and CEO, said: “The execution of this transaction demonstrates again our expertise in battery energy storage development and proves the recognised value of our fast-growing pipeline in the UK, one of Canadian Solar’s core markets in EMEA.

“This sale represents our very first collocated solar and battery energy storage project successfully delivered in the UK. Our decision to sell the two projects before construction is primarily aimed at obtaining immediate market recognition and it does not preclude Canadian Solar from building, alone or in partnerships, the next projects developed in the UK or in EMEA.”