13 May 2024
Gresham House Energy Storage
Fund PLC
("GRID" or the
"Company")
Energisation of 50MW/50MWh
Penwortham project
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 that it has energised its Penwortham project, a
50MW/50MWh BESS[1] just southwest of
Preston, Lancashire ("Penwortham"). Plans to double
Penwortham's capacity to 50MW/100MWh are well progressed and this
is expected to be completed during the summer.
Current Operational Portfolio
The energisation of Penwortham takes
GRID's operational capacity to 790MW / 926MWh.
Ben
Guest, Fund Manager of Gresham House Energy Storage Fund plc &
Managing Director of Gresham House New Energy,
said:
"Penwortham is our twenty-fifth
operational site acquisition since IPO. We're pleased to have hit
this milestone and to be completing projects at a steady pace with
Grendon, West Didsbury, York and now Penwortham all being energised
in the last nine months. We remain resolutely focused on
delivering the rest of the pipeline in a timely manner, as we set
out in our recent annual results.
"Our pipeline projects are expected
to be completed, contribute to earnings and be accretive to
cashflow per share in 2024. Including duration extensions on 340MW
of already operational projects, we expect to reach 1,072MW /
1,696MWh by the end of the year. We look forward to announcing
further progress."
For
further information, please contact:
|
Gresham House New Energy
Ben Guest
James Bustin
|
+44 (0)20 3837 6270
|
|
Jefferies International Limited
Stuart Klein
Gaudi Le Roux
Harry Randall
|
+44 (0)20 7029 8000
|
|
KL
Communications
Charles Gorman
Charlotte Francis
Effie Aye-Maung-Hider
|
gh@kl-communications.com
+44 (0)20 3882 6644
|
|
JTC
(UK) Limited as Company Secretary
Christopher Gibbons
|
GHEnergyStorageCoSec@jtcgroup.com
+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 Ltd, a
specialist alternative asset manager. Gresham House is committed to
operating responsibly and sustainably, taking the long view in
delivering sustainable investment solutions.
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.