EDF has secured long-term floor pricing agreements with Gresham House Energy Storage Fund.

EDF has revealed that it has entered into long-term floor pricing agreements with Gresham House Energy Storage Fund (GRID) based in the UK.

These 10-year agreements encompass 737MW of battery energy storage systems (BESS), including 100MW of existing projects and 637MW under development.

This arrangement will offer GRID a stable income base while allowing it to take advantage of potential increases in wholesale market prices.

EDF will manage all sites using its Powershift platform, which maximizes value across the Wholesale Market, Balancing Mechanism, and Ancillary Services, while providing fast-acting reserve capacity to the National Electricity System Operator.

Ben Guest, Fund Manager at Gresham House Energy Storage Fund, stated: “We are pleased to announce the signing of these Floor Agreements with EDF, the largest battery optimiser in the UK, and we look forward to collaborating closely with EDF throughout the duration of these contracts.

“The floor agreements represent a significant milestone for GRID, enhancing the Company’s risk profile and fundamentally transforming GRID into a business with substantial minimum contracted revenue while maintaining merchant upside.”