Watson Farley & Williams (WFW) has advised a group of investors led by Arenko Cleantech on the sale of a 41MW Bloxwich operational battery storage project in the West Midlands (Bloxwich) to Gresham House Energy Storage Fund for £20.1 million, with further potential earnout payments.
Commissioned in July 2019, Bloxwich operates in the Balancing Mechanism, European Power Exchange (EPEX) and other ancillary services markets, such as frequency response.
In mid-May 2020, it was used to provide upward and downward reserve flexibility to National Grid in the UK’s first of its kind trial using a battery.
“We are delighted to have advised the group of investors led by Arenko on this strategically important transaction. We were able to do so thanks to our full service sector expertise in the energy sector, which is one of our key sectors.”Corporate partner Christina Howard.