Energisation of 50MW/50MWh Penwortham project

Gresham House Energy Storage Fund

13 May 2024

 

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	[phone]
Jefferies International Limited Stuart Klein Gaudi Le Roux Harry Randall	[phone]
KL Communications Charles Gorman Charlotte Francis Effie Aye-Maung-Hider	[e-mail] [phone]
JTC (UK) Limited as Company Secretary Christopher Gibbons	[e-mail] [phone]

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.

---

[1] Battery Energy Storage System

 

END