(Alliance News) Gresham House Energy Storage Fund PLC said on Friday that its portfolio has grown over the first quarter of 2023, as it reported an increased net asset value per share.
The London-based specialist alternative asset manager said its net asset value per share was 155.61 pence per ordinary share, an increase from 155.51 pence three months prior.
The portfolio of Gresham House grew by 7.3% to 590 megawatts of operational assets as of March 31 from 550 MW on December 31.
Gresham House said that its focus hence forth will focus more meaningfully on trading and earning a lower proportion of revenues from frequency response, and continuing to earn contracted capacity market revenues.
Gresham House said that lower third-party revenue assumptions caused a reverse of the positive contribution to NAV per share seen in 2022. Gresham House said that this could be explained by turbulent gas and power prices in the last two years.
Gresham said that the positive developments regarding the gigawatt level were driven by the fact that the Coupar Angus, Scotland project was operational, and that the West Didsbury, Penwortham, Grendom and York projects in England were all expecting to be commissioned in the next couple of months.
Shares in Gresham House Energy Storage Fund were down 2.6% at 158.70 pence on Friday afternoon in London.
By Will Neill
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Gresham House (GRID)