REG - Gresham House Energy - Two additional projects receive Gate 2 offers

Gresham House Energy Storage FundAnnouncement

10/04/2026 07:00

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RNS Number : 8981Z  Gresham House Energy Storage Fund  10 April 2026

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET
ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").

 

10 April 2026

 

Gresham House Energy Storage Fund plc

("GRID" or the "Company")

 

Two additional projects receive Gate 2 offers

 

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 a further two projects in GRID's Three-year Plan pipeline,
namely Lister Drive (57MW) and Ocker Hill (240MW), have received new grid
connection offers, having been through the National Electricity System
Operator's (NESO) Queue Reform process.

 

With these additional 'Gate 2' connection offers, the Company is pleased to
have received clarity over four of its five Three-year Plan pipeline projects,
representing 594MW, or 86% of the 694MW pipeline. With these connections, the
Company is able to continue its growth trajectory.  The fifth connection
offer, relating to Elland 2, is due to come through from NESO no later than
November 2026.

 

Bringing together the information in all the Gate 2 offers received to date,
the energisation dates for our Three-year Plan pipeline projects are now as
follows:

 

                 Capacity  Confirmed NESO Connection Offer Energisation Dates
 Monet's Garden  57MW      June 2027
 Cockenzie       240MW     July 2027
 Elland 2        100MW     Not yet received: 2027 connection date expected
 Lister Drive    57MW      July 2029
 Ocker Hill      240MW     October 2029

 

The first three projects on the list, totalling 397MW, are the projects for
which GRID has signed SPAs and on which it continues to expect to reach
financial close and start construction imminently, allowing completion of
these projects in 2027 in line with the Three-year Plan.

 

The connection offers for Lister Drive and Ocker Hill are now scheduled for
2029 which means that these will be built in a subsequent phase, with
construction likely to start in H1 2027 to achieve completion in H2 2029.

 

The Company continues to execute on the Three-year Plan, however it is now
likely that the target £150m run-rate EBITDA by the end of 2027 will be
delayed, to reflect the new connection offer dates.

 

The Board and Manager are updating the Three-year Plan to reflect the good
progress achieved to date across its pipeline and the revised build-out
phasing based on the confirmed connection offer dates.  The Company will hold
a Capital Markets Day on 28 May 2026 to provide updated details to the
Three-year Plan targets including updates on augmentations, Alternatives
Revenues as well as new potential project pipeline. The financing of the
first three projects is progressing well and the Company will provide an
update at the Capital Markets Day, if not before.

 

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

"We are emerging from a period of stasis in the BESS market with our pipeline
intact, putting us in a strong position to grow the Company's installed
capacity and maintain our leadership position."

"We look forward to hosting a Capital Markets Day on 28 May to lay out the
fully updated strategy, reflecting the delays to certain projects, additional
pipeline opportunities as well as updates on our augmentation programme and
Alternative Revenue strategy."

 

 

For further information, please contact:

 Gresham House Energy Transition

 Ben Guest                                                              +44 (0) 20 3837 6270

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
 Henry Taylor

 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
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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
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The information and opinions contained in this announcement are provided as at
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Any investment in the Company is speculative, involves a high degree of risk,
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no assurance that any targeted returns will be achieved or that the Company
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