UK’s Gresham House Energy Storage Fund Announces 53.5% Increase in Net Asset Value in Half-Year Financial Statements

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Gresham House Energy Storage Fund (GRID) saw its net asset value (NAV) increase by 53.5% to £785 million (US$879 million), the London Stock Exchange-listed company announced. in its half-year results ending June 30, 2022.

This increase in net asset value builds on previous results of £511 million as of December 31, 2021. In addition, total net asset value return also increased by 27.2%.

According to Gresham House, the increase in net asset value was facilitated by upward revaluations of projects which moved from being valued at cost to being valued using a net present value basis. In doing so, it reflected the underlying internal rates of return (IRR) of the projects at the time of their acquisition.

This increase in projects means that the Fund’s total operating capacity is now expected to reach 1GW/1.2GWh by the end of Q1 2023. This is ahead of the prospective portfolio of 1.6GW by mid- 2024 with a duration of 2.1 GWh.

“We are pleased with GRID’s performance in the first half of the year as we continue to deploy critical battery energy storage infrastructure and deliver above-target total returns to shareholders,” said John. Leggate CBE, Chairman of the Gresham House Energy Storage Fund.

“We have started to draw on our credit facilities as planned. Combined with the £150m we have raised from shareholders, we expect these funds to deliver the bulk of the existing pipeline, bringing GRID to over 1GW of capacity, currently expected by the end of the first quarter. 2023.

“We have the ambition to extend GRID, both in the UK and beyond, enabling a cost-effective transition to net zero, supporting short-term energy security as gas supply continues to be tight. unreliable while helping to maximize the production of low-cost renewable energy. source.”

Building on its portfolio, as of June 30, 2022, GRID had 425 MW spread over 17 operational projects. This has increased to 500 MW across 19 operational projects as of August 31, 2022.

602MW across 11 projects were under construction as of June 30, 2022, with that figure rising to 527MW as of August 30, 2022. The company has now confirmed that a further 90MW are expected to come on stream in the coming days.

“Our next batch of projects are at an advanced stage of construction; to date, an additional 527MW across 9 projects are expected to be commissioned over the next six months, through 2023. Beyond that, our pipeline of projects through 2024 is also strong, with over 500MW planned for the next 12 to 18 months,” said Ben Guest, Fund Manager of Gresham House Energy Storage Fund and Managing Director of Gresham House New Energy.

“Great Britain (GB) needs at least 20 GW of BESS by 2030, which demonstrates its crucial importance for the energy transition. We are working on an additional pipeline both in the UK and overseas, and look forward to providing updates as this work progresses.

In late May, Gresham House Energy Storage Fund confirmed it had raised £150m following the announcement of a new equity placement. This resulted in an increase in projects as evidenced by the half-year results.

The funding was used to fund the majority of an existing 747MW battery storage pipeline the company was to acquire, consisting of projects in the UK and Ireland. At the time, due diligence was underway for 674 MW of this volume.

This story first appeared on Solar Power Portal.

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