REG - Gresham House Energy - Energisation of 50MW/50MWh Penwortham project

Gresham House Energy Storage FundAnnouncement

13/05/2024 07:00

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RNS Number : 0269O  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                +44 (0)20 3837 6270

 Ben Guest

 James Bustin

 Jefferies International Limited         +44 (0)20 7029 8000

 Stuart Klein

 Gaudi Le Roux

 Harry Randall

 KL Communications                       gh@kl-communications.com (mailto:gh@kl-communications.com)

 Charles Gorman                          +44 (0)20 3882 6644

 Charlotte Francis

 Effie Aye-Maung-Hider

                                         GHEnergyStorageCoSec@jtcgroup.com (mailto:GHEnergyStorageCoSec@jtcgroup.com)

                                       +44 (0)20 7409 0181
 JTC (UK) Limited as Company Secretary

 Christopher Gibbons

 

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/ (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

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