Gresham House Energy Storage Fund asset value grows, eyes acquisitions

(Alliance News) - Gresham House Energy Storage Fund PLC on Wednesday reported net asset value growth and outlined plans for the new year, ahead of its 2025 results.

The London-based investor in utility-scale battery energy storage systems said its NAV per share was 113.34 pence at the end of December, up 3.7% from 109.35p on-year, but down 2.0% from 115.68p at September 30.

The firm attributed the on-year increase to its "positive actions", alongside portfolio-generated cash and other movements.

"This was partially offset by the negative impact from the downward movement in revenue curves, which declined further in Q4 2025," the firm said.

"The long-term floor contracts on 939 [megawatts] of the portfolio, which by virtue of the falling revenue curves now represent a larger percentage of forecast revenue, represents a considerable derisking of the long-term revenue expectations for the Company's assets. Meanwhile, underlying discount rates have remained unchanged," it said.

Gresham House Energy Storage Fund estimated that underlying revenue had improved by about 30% in 2025, with the portfolio generating about GBP68,600 in revenue per megawatt. Earnings before interest, tax, depreciation and amortisation grew 33% over the course of the year, the firm added.

Nonetheless, it sees "room for improvement in the revenue environment." The capacity augmentation for the Glassenbury site is expected to generate revenue within the coming weeks. Augmentations are in progress at the Red Scar and Roundponds projects, "and are expected to be energised by the end of Q2 2026. The remaining four augmentation projects (Tynemouth, Rufford, York and Thurcroft) will go into construction in Q2 2026 and are set to be completed in Q4 2026," the firm noted.

It is also nearing completion on funding for three new acquisitions, agreed back in December, and is eyeing deals for two additional projects "in the near future".

"The company is also working to potentially add further projects beyond the current horizon to continue our exciting growth trajectory," Gresham House Energy Storage Fund said.

Chair John Leggate said the company had "successfully executed on our three-year plan, achieving meaningful growth in terms of revenues, Ebitda, and operational capacity."

Leggate continued: "While the focus continues to be on plan delivery and its impact on NAV growth, we are also encouraged by investors' renewed confidence, as demonstrated by a narrowing discount during the past year. We look forward to communicating further progress in the annual report and throughout 2026."

The firm's annual results are expected in April.

Its shares rose 1.0% to 73.68 pence late Wednesday morning in London.

By Holly Munks, Alliance News reporter

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