GRID Gresham House Energy Storage Fund Plc

TIDMGRID

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 
   Charles Gorman                                             +44 (0) 20 3995 6673 

Charlotte Francis

Effie Aye-Maung-Hider

   JTC (UK) Limited as Company Secretary             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

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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