REG - Gresham House Energy - Capacity reaches 845MW / 1,207MWh & tolling update

Gresham House Energy Storage FundAnnouncement

06/11/2024 07:00

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RNS Number : 0662L  Gresham House Energy Storage Fund  06 November 2024

6 November 2024

Gresham House Energy Storage Fund PLC

("GRID" or the "Company")

 

Operational capacity reaches 845MW / 1,207MWh and tolling update

 

 

Gresham House Energy Storage Fund plc (LSE: GRID), the UK's largest fund
investing in utility-scale battery energy storage systems (BESS), is pleased
to announce the energisation of one new project and the energisation of
battery duration augmentations on two existing projects adding 55MW and 176MWh
of capacity to the operational portfolio. These projects are:

 

-     Elland, a 50MW / 100MWh new project near Leeds, was energised on 1
November.

-     Penwortham B, an augmentation to the original Penwortham site, was
energised on 30 October, resulting in the project duration increasing to two
hours (50MW / 100MWh)

-     Nevendon B was energised on 23 October. The augmentation has
increased the capacity of the site from 10MW / 7MWh to 15MW / 33MWh.

 

This increases the operational capacity of the portfolio to 845MW / 1,207MWh
from 790MW / 931MWh at 30 June.

 

In terms of tolling, the Company is also pleased to report that, of the 568MW
announced as being contracted into tolling agreements with Octopus Energy,
260MW are now onboarded. Further capacity is expected to enter the agreement
shortly, linked largely to operational timings on the remaining portfolio in
construction.

 

Further updates will be provided as projects are commissioned and/or are
onboarded into tolling.

 

Ben Guest, Fund Manager of Gresham House Energy Storage Fund plc &
Managing Director of Gresham House New Energy, said:

 

"These updates will have a positive impact on revenues as more capacity
translates into proportionately more revenues while tolling contracts have
been struck at levels that remain above current merchant levels, increasing
revenue per MW. Five of the seven augmentation projects planned for the year
have now been completed, demonstrating the ability these projects have in
rapidly bringing new capacity online."

 

 

Capital Markets Day

 

Fund Manager, Ben Guest will set out the framework for the Company's
three-year plan through 2027, including indicative targets for MW and MWh
capacity, revenues, and EBITDA at the Capital Markets Day on Wednesday 27
November, 2.00-4.00pm (GMT). Please register to attend here
(https://greshamhouse.connectid.cloud/register) .

 

 

 

For further information, please contact:

 

 Gresham House New Energy                +44 (0)20 3837 6270

 Ben Guest

 James Bustin

 Jefferies International Limited         +44 (0)20 7029 8000

 Stuart Klein

 Gaudi Le Roux

 Harry Randall

 KL Communications                       gh@kl-communications.com (mailto:gh@kl-communications.com)

 Charles Gorman                          +44 (0)20 3882 6644

 Charlotte Francis

 Effie Aye-Maung-Hider

                                         GHEnergyStorageCoSec@jtcgroup.com (mailto:GHEnergyStorageCoSec@jtcgroup.com)

                                       +44 (0)20 7409 0181
 JTC (UK) Limited as Company Secretary

 Christopher Gibbons

 

About the Company and the Manager:

 

Gresham House Energy Storage Fund plc seeks to provide investors with an
attractive and sustainable dividend over the long term by investing in a
diversified portfolio of utility-scale battery energy storage systems (known
as BESS) located in Great Britain and internationally. In addition, the
Company seeks to provide investors with the prospect of capital growth through
the re-investment of net cash generated in excess of the target dividend in
accordance with the Company's investment policy.

 

The Company targets an unlevered Net Asset Value total return of 8% per annum
and a levered Net Asset Value total return of 15% per annum, in each case
calculated net of the Company's costs and expenses.

 

Gresham House Asset Management is the FCA authorised operating business of
Gresham House Ltd, a specialist alternative asset manager. Gresham House is
committed to operating responsibly and sustainably, taking the long view in
delivering sustainable investment solutions.

 

http://www.greshamhouse.com/ (http://www.greshamhouse.com/)

 

 

Definition of utility-scale battery energy storage systems (BESS)

 

Utility-scale battery energy storage systems (BESS) are the enabling
infrastructure that will support the continued growth of renewable energy
sources such as wind and solar, essential to the UK's stated target to reduce
carbon emissions. They store excess energy generated by renewable energy
sources and then release that stored energy back into the grid during peak
hours when there is increased demand.

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