1 February 2021
Gresham House Energy Storage Fund PLC
(the "Company", "Fund" or "GRID")
Acquisition increases operational portfolio to 395MW
GRID acquires 35MW Port of Tyne and 10MW Nevendon projects
Gresham House Energy Storage Fund plc (LSE: GRID), the UK's largest operational utility-scale battery storage fund, has completed the acquisitions of a 35MW battery project located in North Shields, Tyne and Wear ("Port of Tyne") and a 10MW battery project located in Essex ("Nevendon") (together the "Projects"). This transaction follows GRID's recent acquisitions of two 50MW projects (Wickham and Thurcroft) and the 25MW Tynemouth project.
The Projects are both operational battery-only sites with total export/import capacity of 45MW and both are connected to the distribution network. They were commissioned in 2018 and generate availability-based contracted revenues from Enhanced Frequency Response services provided to National Grid (maturing in 2022), as well as having capacity market contracts; Port of Tyne (12-year) and Nevendon (multiple 1-year contracts).
Current Portfolio
Following the commissioning of Glassenbury B the total operational capacity of the Fund's investment portfolio (the "Portfolio") increases to 395MW, across 15 projects in 12 ) counties as shown below.
| Project | Location | MW |
| Staunch | Staffordshire | 20 |
| Rufford | Nottinghamshire | 7 |
| Lockleaze | Bristol | 15 |
| Littlebrook | Kent | 8 |
| Roundponds | Wiltshire | 20 |
| Wolverhampton | West Midlands | 5 |
| Glassenbury | Kent | 40 |
| Cleator Moor | Cumbria | 10 |
| Red Scar | Lancashire | 49 |
| Bloxwich | West Midlands | 41 |
| Thurcroft | South Yorkshire | 50 |
| Wickham | Suffolk | 50 |
| Tynemouth | Tyne and Wear | 25 |
| Glassenbury B | Kent | 10 |
| Port of Tyne | Tyne and Wear | 35 |
| Nevendon | Essex | 10 |
| Total | | 395 |
On 24 December 2020 the Fund announced the conditional acquisition of the 30MW Byers Brae project in Scotland, which once completed, will increase the Portfolio capacity to 425MW.
John Leggate CBE, Chair of Gresham House Energy Storage Fund plc said:
"As we approach our 400MW milestone, we are delighted to acquire the first two projects of the new pipeline we announced along with our £120 million fundraise in November. These latest projects boost operational capacity by a further 13%, thereby underpinning dividend cover and representing a further step in our portfolio growth ambitions"
For further information, please contact:
| Gresham House New Energy Ben Guest | +44 (0)20 3837 6270
|
| Jefferies International Limited Stuart Klein Gaudi Le Roux Neil Winward
| +44 (0)20 7029 8000 |
| KL Communications Charles Gorman Camilla Esmund Alex Hogan
| gh@kl-communications.com +44 (0)20 3995 6673
|
About the Company and the Manager:
Gresham House Energy Storage Fund plc owns a portfolio of utility-scale operational energy storage systems (known as ESS) located in Great Britain. The portfolio has a total capacity of 395MW. The Company is managed by Gresham House Asset Management Limited under the leadership of Ben Guest. The Company was admitted to trading on the London Stock Exchange (Specialist Fund Segment) on 13 November 2018 having raised £100 million of gross proceeds from investors. Including issuance under the Placing Programme, it has now raised a total of approximately £358 million of gross proceeds from investors.
The Gresham House New Energy team has a proven track record in developing and operating energy storage and other renewable assets having developed 234MW of Energy Storage Systems and approximately 290MW of predominantly ground-mounted solar projects. Gresham House Asset Management currently manages approximately 232MW of solar and wind energy projects.
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.
Definition of Utility-scale battery Storage Systems
Utility-scale battery storage systems 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 for it.
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