Gresham House Energy Storage secures leasing deal with Octopus Energy for half of portfolio

Less revenue volatility expected

Valeria Martinez
clock • 3 min read

Gresham House Energy Storage (GRID) has reached an agreement with a subsidiary of energy supplier Octopus Energy, an unprecedented move expected to increase revenue visibility for the £859m battery energy storage trust.

In a stock exchange notice on Wednesday (5 June), the trust said it had agreed two-year fixed price contracts with the utilities provider for 14 projects representing 568MW/920MWh, around half of its 1,072MW target portfolio, starting in a phased manner from 1 July 2024. As part of the tolling agreement, Octopus will pay a fixed fee per MW on projects in return for the use of each project's batteries. The fixed fee is determined by the duration of the asset – expressed in hours – and excludes Capacity Market payments, which projects will continue to receive separately. Gresham House E...

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