REG - Gresham House Energy - Glassenbury £8.6mn Equity Funding at Project NAV

Gresham House Energy Storage FundAnnouncement

24/06/2025 07:00

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RNS Number : 0599O  Gresham House Energy Storage Fund  24 June 2025

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU 596/2014) WHICH IS PART OF UK LAW BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018.

 

 

24 June 2025

Gresham House Energy Storage Fund plc

("GRID" or the "Company")

 

Glassenbury £8.6mn Equity Funding at Project NAV 1 

 

 

Gresham House Energy Storage Fund plc (LSE: GRID), the UK's largest listed
fund investing in utility-scale battery energy storage systems (BESS), is
pleased to announce that it has successfully completed a third-party equity
funding of £8.6 million in Glassenbury Battery Storage Ltd. The funds will be
used to finance the augmentation of its combined 50MW Glassenbury projects
("Projects") to 110MWh, a 2.2-hour duration.

 

The funds have been raised through a new equity issuance at a valuation equal
to the Projects' Net Asset Value(1). This completes the transaction first
announced at GRID's Capital Markets Day in November 2024.

 

 

Transaction details

 

Glassenbury Battery Storage Ltd ("Glassenbury"), which owns the Glassenbury A
(40MW) and Glassenbury B (10MW) projects in Hartley, Kent, and was indirectly
100% owned by GRID prior to this transaction, has issued new shares to UAB E
Energy Invest ("EEI"). Following this transaction, EEI will own 35% of
Glassenbury and GRID will continue to indirectly own the remaining 65%.

 

EEI is the investment vehicle of the Strioga Family Foundation, which has
evolved from the 30-year family-owned business E Energija, a renewable energy
company with the mission to finance and foster the sustainable growth of
renewables to fight climate change. Further information on the Strioga Family
Foundation and E Energija is detailed at the end of this announcement.

 

Proceeds from the equity funding will be used to increase Glassenbury's
battery capacity from 38MWh to 110MWh, an average duration of 2.2 hours.
Planning permission has been granted, and construction and battery supply
agreements are due to be signed shortly. GRID expects construction works to
begin in early July and they are due to complete in December 2025.

 

Once completed, Glassenbury's augmentation is expected to increase GRID's
share of the EBITDA from this project by c.22% over the project's life. The
pre-money valuation at which shares have been issued reflects the valuation as
of 31 December 2024(1), which was reflected in GRID's audited NAV at that
date.

 

Consequently, deal completion and site augmentation is expected to provide a
net present value uplift to GRID. This will be reflected in the Company's 30
June 2025 NAV, which will be published in September 2025.

 

 

John Leggate CBE, Chair of Gresham House Energy Storage Fund plc, commented:

 

"We are delighted to close this deal with EEI to invest equity into
Glassenbury. This transaction is believed to be the first augmentation-driven
equity injection at project level for a listed BESS fund. The funds from this
transaction will be used to augment one of our shortest duration assets to
over two hours, substantially increasing the value of Glassenbury. This
unlocks an innovative path to raising equity funds at a project level for GB
BESS and supports GRID's continued progress in delivering on our declared
growth strategy. Most importantly this approach will create further value for
our shareholders."

 

 

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

 

"We are very pleased to complete this transaction with EEI. Equity injections
at a project level are an effective way to enable augmentation of projects and
create significant value. Selling a stake in a project at NAV to an
independent third party also underpins the up-to-date valuation of GRID's
portfolio.

 

Funding the augmentation of our Glassenbury projects to over two hours will
significantly increase these projects' revenues and the value attributable to
GRID's shareholders, benefits which will begin to be reflected within our 30
June 2025 NAV.

 

This is a signpost for further value creation: upon completion of GRID's debt
refinancing, due soon, we will embark on another seven augmentations in 2025
and early 2026, funded through the refinancing, which together, we believe,
will add meaningfully to the portfolio's EBITDA and value in absolute and per
share terms."

 

 

 

 

 

For further information, please contact:

 

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

 Ben Guest

 James Bustin

 Harry Hutchinson

 UAB E Energy Invest                                                                                                                   invest@e-energy.eu (mailto:invest@e-energy.eu)

 Gediminas Uloza

 Tadas Peciukevicius

 Jefferies International Limited                                                                                                       +44 (0) 20 7029 8000

 Stuart Klein

 Gaudi Le Roux
 Harry Randall

 Peel Hunt                                                                                                                             +44 (0) 20 7418 8900
 LLP
 Luke Simpson

 Huw Jeremy

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

 Charles Gorman                                                                                                                        +44 (0) 20 3882 6644

 Charlotte Francis

Effie Aye-Maung-Hider

 JTC (UK) Limited as Company Secretary                                                                                                 GHEnergyStorageCoSec@jtcgroup.com (mailto:GHEnergyStorageCoSec@jtcgroup.com)

 Christopher Gibbons                                                                                                                   +44 (0) 20 7409 0181

 

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

 

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

 

 

About the Strioga Family Foundation

 

The Strioga Family Foundation has been founded to finance renewable energy
projects, particularly those involving wind and BESS. It aims to bridge
funding gaps, enabling projects to achieve operational readiness and scale the
impact of the Strioga Family Foundation in promoting sustainable energy
solutions and addressing climate change challenges. The foundation has
dedicated 100 million euros for investments into renewables during the
upcoming years.

 

About E Energija

 

E Energija is a renewable energy project developer, headquartered in Vilnius
(Lithuania), scaling its renewable energy project portfolio across the Baltic
region and Poland. The group has completed over 500 MW of wind, biomass and
PV projects and has a pipeline of another 500 MW of wind, hybrid and BESS
projects under development with the largest privately financed battery energy
storage system in Lithuania, the 120 MWh Vilnius BESS, to be launched by the
end of 2025.

 

More information at www.e-energija.lt (http://www.e-energija.lt)

 

 

 

 

 

 

 

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.

 

 

DISCLAIMERS

This announcement has been prepared for information purposes only. This
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information contained in this announcement will not be updated.

 

 

 

 1  The pre-money valuation was agreed with reference to Glassenbury's
valuation at 31 December 2024. The most recent valuation as of 31 March 2025
is within 1% of that December 2024 valuation.

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