REG - Gresham House Energy - West Didsbury Project Energisation

Gresham House Energy Storage FundAnnouncement

21/11/2023 07:00

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RNS Number : 0360U  Gresham House Energy Storage Fund  21 November 2023

 

21 November 2023

 

GRESHAM HOUSE ENERGY STORAGE FUND PLC

("GRID", "the Fund" or the "Company")

West Didsbury Project Energisation

Gresham House Energy Storage Fund plc (LSE: GRID), the UK's largest fund
dedicated to investing in utility-scale battery energy storage systems (BESS),
is pleased to announce that its West Didsbury project (50MW/50MWh) has been
successfully energised taking the portfolio's operational capacity to 690MW.
It is expected to be revenue generating in December.

West Didsbury is planned to undergo a duration extension to two hours in early
2024 which will take the capacity of the site to 50MW/100MWh, increasing its
earnings potential.

The project was developed and built by Statera Energy Limited, and trading
will be optimised by Arenko Cleantech Limited.

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

"With three projects totalling 140MW energised so far in 2023, we are making
good progress towards fully commissioning our 2023 pipeline and reaching our
target of 1GW of operational projects by H1 2024 and 1.1GW/1.7GWh by the end
of 2024, excluding any potential disposals.

"With each new MW and MWh of capacity added, we drive down the threshold of
cashflow per MW and per MWh required to cover our dividend. We look forward to
announcing new project energisations, which will drive further operational
scale, in the coming months."

For further information, please contact:

Gresham House New Energy

Ben Guest
 
+44 (0) 20 3837 6270

James Bustin

 

Jefferies International Limited

Stuart Klein
                                    +44 (0)
20 7029 8000

Gaudi Le Roux

Harry Randall

 

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

Charles Gorman
                        +44 (0) 20 3995 6673

Charlotte Francis

Effie Aye-Maung-Hider

 

 

JTC (UK) Limited as Company Secretary
GHEnergyStorageCoSec@jtcgroup.com
(file:///C%3A/Users/gleroux/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/YL5UF76W/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 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 plc, a London Stock Exchange quoted 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.

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