REG - Gresham House Energy - SPAs signed for two further pipeline projects

Gresham House Energy Storage FundAnnouncement

Mon 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260105:nRSE5320Na&default-theme=true

RNS Number : 5320N  Gresham House Energy Storage Fund  05 January 2026

5 January 2026

Gresham House Energy Storage Fund plc

("GRID" or the "Company")

 

Sale and Purchase Agreements signed for two further pipeline projects

 

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 signing of two further Sale and Purchase Agreements (SPAs) for
the conditional acquisitions of Cockenzie (240MW) in East Lothian, and Monet's
Garden (57MW) in North Yorkshire.

 

This follows the signing, in November 2025, of the SPA for the then
conditional acquisition of the 100MW battery project in Elland in West
Yorkshire ("Elland 2").

 

The acquisitions of Elland 2 and Monet's Garden have now completed and
ownership has been transferred to GRID.

 

Both Cockenzie and Monet's Garden have been designed to a 2-hour duration and
can be extended to a longer duration in due course.

 

The signing of these two further SPAs means that GRID has either acquired (in
the case of Monet's Garden and Elland 2) or conditionally acquired (in the
case of Cockenzie) 397MW of the 694MW and three of the five projects
identified for its Three-Year Plan, which is now just over a year into
implementation.

 

The acquisition of Cockenzie remains conditional on, among other things, the
Company confirming it is satisfied that the project will receive, or has
received, an acceptable Gate 2 connection offer from the National Energy
System Operator (NESO).

 

The Manager is working on concluding the financing of these projects to start
construction as soon as possible following the receipt of Gate 2 offers from
NESO.

 

As anticipated in the Company's prospectus, GRID has typically acquired
projects from the Gresham House 1  group ("Gresham") and the Three-year Plan
pipeline is also being acquired from Gresham, under the Company's first right
of refusal. Payment for the project rights is conditional and then, once
conditions have been met, deferred for up to four years so long as Gresham
House Asset Management Limited remains the Manager. This is attractive
compared with terms available from third-party developers who are typically
paid in full by the time a project enters construction.

 

In terms of the projects in the Three-Year Plan pipeline, the Company is
increasingly aware of the importance of scale to achieve efficiencies. The
57MW Monet's Garden project and the existing 50MW operational York project are
adjacent to each other and connect into the same substation off the Hull Road
outside York city and can be seen as a combined 107MW project with significant
augmentation potential. The 100MW Elland 2 project is adjacent to and shares a
point of connection with the existing 50MW operational Elland project
resulting in a combined 150MW project, also with significant augmentation
potential.

 

Update on Gate 2 Protected Connection Offers

Initial notifications have been received from NESO on all of the projects in
GRID's Three-Year Plan pipeline. NESO has confirmed that all projects will
receive Gate 2 protected connection offers with "Phase 1" (i.e. between 2026
to 2030) grid connection dates. All new grid connection offers are expected to
be received in Q1 2026, with the majority expected in January 2026.

 

 

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

"With the signing of these latest sale and purchase agreements, we are
delighted that we closed out the year having substantially completed the heavy
lifting for the next phase of the Three-Year Plan.

 

"It is also gratifying that revised Queue Reform offers on all our projects
are expected very soon and that the notifications provided to date have
confirmed the protected status of the pipeline.

 

"We look forward to making announcements on further progress in due course."

 

 

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

"Today's announcement is another key step in the execution of our Three-Year
Plan, of which we are now one year into its implementation.

 

"We look forward to completing the acquisition of all the remaining pipeline
and starting construction on all projects. Project construction will be
staggered to reflect the connection dates of the projects; these dates will be
confirmed when grid connection offers have come through in January 2026, and
no later than March 2026 in the case of Elland 2. To maintain our growth
momentum, we are progressing early works, the completion of the project
financing and advancing long lead equipment orders in the meantime."

 

 

ENDS

 

For further information, please contact:

 

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

 Ben Guest

 James Bustin

 Harry Hutchinson

 Jefferies International Limited        +44 (0) 20 7029 8000

 Gaudi Le Roux

 Stuart Klein

 Harry Randall

 Peel Hunt                              +44 (0) 20 7418 8900

 Luke Simpson

 Huw Jeremy

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

 Charles Gorman                         +44 (0) 20 3882 6644

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

 Ruth Wright                            +44 (0) 20 7409 0181

 

 

 

 

About the Company and the Manager

Gresham House Energy Storage Fund plc aims to invest in a diversified
portfolio of utility-scale battery energy storage systems (known as BESS)
located in Great Britain and internationally. The Company seeks to provide
investors with the prospect of capital growth through the re-investment of net
cash generated in excess of its target dividend in accordance with the
Company's investment policy.

 

Gresham House Asset Management Ltd 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.

 

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.

 

DISCLAIMERS

This announcement has been prepared for information purposes only. This
announcement does not constitute a prospectus relating to the Company and does
not constitute, or form part of, any offer or invitation to sell or issue, or
any solicitation of any offer to subscribe for, any shares in the Company in
any jurisdiction nor shall it, or any part of it, or the fact of its
distribution, form the basis of, or be relied on in connection with or act as
any inducement to enter into, any contract therefor. The merits or suitability
of any securities must be independently determined by the recipient on the
basis of its own investigation and evaluation of the Company. Any such
determination should involve, among other things, an assessment of the legal,
tax, accounting, regulatory, financial, credit and other related aspects of
the securities.

This announcement may not be used in making any investment decision in
isolation. This announcement on its own does not contain sufficient
information to support an investment decision and investors should ensure that
they obtain all available relevant information before making any investment.
This announcement does not constitute or form part of and may not be construed
as an offer to sell, or an invitation to purchase or otherwise acquire,
investments of any description, nor as a recommendation regarding the possible
offering or the provision of investment advice by any party. No information in
this announcement should be construed as providing financial, investment or
other professional advice and each prospective investor should consult its own
legal, business, tax and other advisers in evaluating the investment
opportunity. No reliance may be placed for any purposes whatsoever on this
announcement or its completeness.

The information and opinions contained in this announcement are provided as at
the date of the announcement and are subject to change without notice and no
representation or warranty, express or implied, is or will be made in relation
to the accuracy or completeness of the information contained in this
announcement and no responsibility, obligation or liability or duty (whether
direct or indirect, in contract, tort or otherwise) is or will be accepted by
the Company, the Manager or any of their affiliates or by any of their
respective officers, employees or agents to update or revise publicly any of
the statements contained in this announcement. No reliance may be placed for
any purpose whatsoever on the information or opinions contained in this
announcement or on its completeness, accuracy or fairness. The document has
not been approved by any competent regulatory or supervisory authority.

Any investment in the Company is speculative, involves a high degree of risk,
and could result in the loss of all or substantially all of an investment in
the Company. Results can be positively or negatively affected by market
conditions beyond the control of the Company or any other person. There can be
no assurance that any targeted returns will be achieved or that the Company
will be able to implement its investment strategy or achieve its investment
objectives. There is no guarantee that any such returns can be achieved or can
be continued if achieved, nor that the Company will make any distributions
whatsoever.

The information in this announcement may include forward-looking statements,
which are based on the current expectations, intentions and projections about
future events and trends or other matters that are not historical facts and in
certain cases can be identified by the use of terms such as "may", "will",
"should", "expect", "anticipate", "project", "estimate", "intend", "continue",
"target", "believe" (or the negatives thereof) or other variations thereof or
comparable terminology. These forward-looking statements, as well as those
included in any related materials, are not guarantees of future performance
and are subject to known and unknown risks, uncertainties, assumptions about
the Company and other factors, including, among other things, the development
of its business, trends in its operating industry, and future capital
expenditures and acquisitions. In light of these risks, uncertainties and
assumptions, the events in the forward-looking statements may not occur and
actual results may differ materially from those expressed or implied by such
forward looking statements. Given these risks and uncertainties, prospective
investors are cautioned not to place undue reliance on forward-looking
statements.

Each of the Company, the Manager and their affiliates and their respective
officers, employees and agents expressly disclaim any and all liability which
may be based on this announcement and any errors or omissions from this
announcement.

No representation or warranty is given to the achievement or reasonableness of
future projections, management targets, estimates, prospects or returns, if
any. Any views contained in this announcement are based on financial,
economic, market and other conditions prevailing as at the date of this
announcement. The information contained in this announcement will not be
updated.

 

 

 1  Gresham House is the 100% owner of the Manager, Gresham House Asset
Management Limited

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCBLGDBCUGDGLD



            Copyright 2019 Regulatory News Service, all rights reserved