Joint Statement on Optimisation Agreements

RNS Number : 2289A

Gresham House Energy Storage Fund

01 February 2022

 

1 February 2022

Joint Press Release by Arenko Group ("Arenko") and Gresham House Energy Storage Fund plc ("GRID")

Gresham House Energy Storage Fund PLC agrees to award a further 455MW of Optimisation Agreements to Arenko

Arenko, a leading software platform provider to the global energy market, and Gresham House Energy Storage Fund (LSE: GRID), the UK's leading energy storage fund are pleased to announce that they have expanded their partnership.  The continuation and expansion of this multi-year relationship is evidence of the parties' strong working relationship and their shared commitment to decarbonisation and innovation in the energy sector.

Highlights:

-  Arenko has been awarded contracts to carry out asset optimisation on an additional five utility scale batteries for GRID. The contracts, totalling 210MW, are expected to come into force during 2022

-  GRID has also renewed the Byers Brae 30MW battery contract which Arenko has been optimising since March 2021

-  An additional framework agreement to optimise a further 215MW has also been agreed

-  When combined with previous announcements, Arenko will have been awarded contracts for the asset optimisation of over 500MW of GRID's market-leading energy storage portfolio

These asset optimisation agreements (known as Automation and Digitalisation Agreements) substantially build on the relationship between Arenko and GRID, having started working together in 2020 following the Fund's acquisition of the 41MW Bloxwich energy storage project, which Arenko continues to optimise today. 

Under these agreements, Arenko will use its proprietary end-to-end trade optimisation and automated dispatch software to maximise returns from these assets.

Ben Guest, Fund Manager, Gresham House Energy Storage Fund PLC, said:

"We are very pleased to have reached this agreement with Arenko.  Arenko are among the leading asset optimisation services providers in the UK, and, increasingly, internationally. We have been impressed by their dedication to the emerging energy storage asset class through their significant investment into their organisation and trading platform in recent years.  This differentiates Arenko and is reflected in consistent trading performance and an ability to react to market changes as they happen. 

Gresham House Energy Storage Fund is committed to achieving excellence in all areas of its business, including the maximisation of its potential revenues and this overall agreement is an important part of this effort."

Rupert Newland, Founder and CEO of Arenko Group, said:

"Arenko is proud to count Gresham House Energy Storage Fund, which owns and operates the largest portfolio of energy storage in the UK, among its clients which include multiple listed energy firms and specialist energy storage funds. This framework agreement exemplifies Arenko's strong desire to build lasting relationships with top tier investors and businesses.

Gresham House Energy Storage Fund have done a fantastic job scaling their impressive battery portfolio and we are delighted to be entrusted to maximise profit and keep pace with the rapidly decarbonising UK electricity market. This is a further endorsement of Arenko's ability to deliver superior returns for asset owners globally utilising our leading AI-driven software platform. We look forward to delivering on these projects and many more as the zero-carbon future continues apace."

ENDS

Contact

Arenko: Tom Huddart / Monique Perks / Billy Clegg / Rebecca Waterworth Gresham House Energy Storage Fund plc: Charles Gorman Will Sanderson Millie Steyn

Camarco (PR) KL Communications

020 3757 4980 020 3995 6673

Notes to Editors - Arenko

Arenko Group is a world leading software service provider. Arenko's software platform uses proprietary automation technology to allow asset owners to optimise their battery performance. Arenko's vision is to be the preferred asset optimisation and trading platform to unlock value for batteries worldwide.

https://arenko.group/

Gresham House Energy Storage Fund

Gresham House Energy Storage Fund plc ("GRID") 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, Northern Ireland and the Republic of Ireland. 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, calculated net of the Company's costs and expenses. Once certain further asset management activities are completed and leverage is introduced to the Portfolio, the Company targets a levered Net Asset Value total return of 15% per annum, calculated net of the Company's costs and expenses.

 

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