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Battery energy storage investment firm expects contract wins after successful 2021

The UK’s largest utility-scale battery energy storage system investment fund has updated its shareholders on its growth throughout 2021.

Key highlights for Gresham House Energy Storage Fund PLC include doubling its asset portfolio EBITDA to over £40m.

In addition, the firm announced a full dividend cover for FY 2021 dividend target of 7.0 pence per share.

Last year also saw 415MW of battery energy storage systems (“BESS”) under construction as at Q4 2021 (Q32021: 175MW) as a result of Gresham House’s trading.

Finally, the investment firm announced further growth in its capital base in 2021 with £100m raised in equity funds and £180m of debt secured at an interest rate of SONIA + 300bp before hedging costs.

John Leggate CBE, chair of Gresham House Energy Storage Fund PLC commented: “The outlook remains very exciting for energy storage sector investments, particularly due to the recent Contract for Difference (CfD) auction launch announcement for renewable generation projects.

“The UK government’s Department for Energy and Industrial Strategy (BEIS) expects this will result in a further 12GW in contracts, primarily for offshore wind, far in excess of the 5.5GW achieved in the 2019 round.

“This substantial growth in renewables will lead to increased generation intermittency and therefore drive the need for significant additional energy storage capacity. GRID remains committed to taking the lead in providing this storage capability in the UK and Ireland.”

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