REG - Gresham House Energy - Energisation of 100MW / 100MWh Melksham project

Gresham House Energy Storage FundAnnouncement

15/01/2025 07:00

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RNS Number : 3345T  Gresham House Energy Storage Fund  15 January 2025

15 January 2025

 

Gresham House Energy Storage Fund plc

("GRID" or the "Company")

 

Energisation of 100MW / 100MWh Melksham project, GRID's largest project to
date

 

 

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 that it has energised its Melksham project, a 100MW / 100MWh
BESS 1  (#_ftn1) near Bath ("Melksham").

 

Further plans to double Melksham's battery capacity to 100MW / 200MWh are
underway, with the extension to be carried out in two stages (50MWh at a time)
and to be completed by the end of Q1 2025.

Melksham is the largest capacity operational project in the GRID portfolio and
its energisation takes operational capacity to 945MW / 1,307MWh and 945MW /
1407MWh once augmented to a 2-hour duration.

 

 

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

 

"We continue to efficiently increase capacity by energising new projects while
also augmenting the duration of others.  Melksham follows Elland's
commissioning in Q4 2024, as well as the augmentations of Arbroath,
Penwortham, Enderby, West Didsbury and Nevendon throughout 2024. Melksham is
now the largest operational project in our portfolio. Its augmentation during
Q1 2025, which will double battery capacity to 200MWh, will make it the UK's
largest BESS project connected to a Distribution Network Operator (DNO)
operated network.

 

"The improved trading conditions we announced earlier this month, particularly
with last week's wind lull and cold spell putting strain on existing UK
generation capacity, reinforce the benefit of rolling out further battery
storage capacity.

 

"As previously highlighted, we also expect to complete the commissioning of
our 40MW, 2-hour duration Shilton Lane project, next month."

 

 

For further information, please contact:

 

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

 Ben Guest

 James Bustin

 Harry Hutchinson

 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

LEI: 213800MSJXKH25C23D82

 

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.

 1  (#_ftnref1) Battery Energy Storage System

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