Battery energy storage fund Gresham House has released annual accounts for the first half of 2023, showing lower H1 2023 revenues and a drop in share value.
Delays in the growth of Britain’s battery energy storage sector helped boost Gresham House Energy Storage Fund’s (GRID) portfolio performance, resulting in a “strong growth of earnings” in 2022.
Gresham House Energy Storage Fund has seen a 20% like-for-like growth in underlying portfolio EBITDA due to a range of projects having become, or being closer to becoming, operational during 2022.
Gresham House Energy Storage Fund has secured £155 million incremental term debt via an Accordion arrangement contemplated under an existing senior debt facility.
Gresham House Energy Storage Fund (GRID) has seen its net asset value (NAV) increase by 53.5% to £785 million, the firm disclosed in its half year results ending 30 June 2022.