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(Alliance News) - Gresham House Energy Storage Fund PLC on Wednesday said its net asset value rose in the first interim period since November 2018 float due to cash generated from the portfolio, improved revenue forecasts, and the enhancement of assets.
The fund's net asset value per share stood at 100.7 pence in June 30, having been 98.0p on its November 13 initial public offering date.
This was attributed to "cash generated by the portfolio, improved revenue forecasts", and value enhancements such as lease extensions on three projects, better revenue generation capability for three projects, and upgrading assets from its seed portfolio.
The company paid its maiden dividend of 1.4p per share on June 7 and has declared another interim of 1.1p per share payable September 20. The company plans on paying 4.5p per share in dividend in 2019.
The company was admitted to the London Stock Exchange with GBP100 million of gross proceeds and has since conducted a GBP49.7 million placing in May and GBP15.3 million placing in July. The company is also in talks to raise debt finance and is mulling more placings to acquire more projects.
Gresham House Energy Sotrage Chair John Leggate said: "The UK needs more grid-scale batteries. The growth in renewables demands this and recent events including the recent National Grid outage on 9 August provide confirmatory evidence that batteries can make a difference. The fund is very well-positioned to build on its initial premise and to grow to significant scale and materiality. The board and the Gresham House team have the bench strength, capabilities and experience to create an impactful portfolio of high-performing assets in this sector which is becoming of critical national importance."
Shares in Gresham House energy Storage were down 0.5% at 104.00p on Wednesday.