Gresham House Energy Storage Fund PLC announced that following on from the announcement on 21 October 2019 it has now completed its investment in the 49MW battery-only project known as Red Scar (the "Project"). The Project, which is located on the Red Scar Business Park, by the Longridge Road and the M6 outside Preston, was acquired for a total enterprise value of approximately £32.8 million (inclusive of £1.0m of deferred consideration, payable in 12 months, subject to the Project achieving EBITDA targets). This is one of the exclusivity portfolio projects identified by the Company in its IPO prospectus published in October 2018. The Project is connected to the distribution network and the "G99" commissioning tests have been successfully completed; the project was handed over on 31 December 2019. The Project generates its revenues primarily from asset optimisation (whereby it imports and exports power in order to earn income from the wholesale market and the National Grid-administered Balancing Mechanism). As such, the Fund's Manager, Gresham House Asset Management, believes that the Project is aligned to the Company's investment criteria since it enables the Fund to implement its asset optimisation business model, which existing and future sites are also expected to adopt over time. The Project has been acquired from a vehicle owned by Gresham House DevCo Limited and Noriker Power Limited. Following the completion of the Red Scar acquisition, the Fund expects to acquire a further three projects in the coming months after they have been commissioned and become operational. These three projects, two of 50MW each and one being the Littlebrook extension of 5MW, will increase the Fund's total operational portfolio to 279MW. It is currently possible that commencement of operations of the two larger projects moves into early second quarter of 2020 if winter conditions prove unaccommodating to a smooth construction and commissioning process.