The fund thinks it is on course to be operating 1 GW of heavy duty batteries this year and 1.5 GW next.
Net asset value per share reported unaudited at 155.5p represented a rise of 93% on the fund’s record at flotation, and up from 117p on the year before. Nearly 17 pence of that 39 pence rise came from revaluations of assets, as elements in the pipeline approached operational commissioning. The fund will continue the same practice in 2023.
Sparking up of the fund’s Coupar Angus 40MW battery during 2022 bought the fund’s asset base to 590MW. New Capacity Market contracts added around 7 pence per share on a NAV basis. The company increased its discount rates for contracted revenues and construction risk.
437MW of batteries remain under construction and are expected to commission in 2023, chairman John Leggate, pictured, told investors.
940MW of further pipeline in the UK and Ireland is expected to begin construction later this year.
Recent buys have seen the 50MW conditional acquisition of project rights in Aberdeenshire, with grid connection expected in 2024. In Cambridgeshire, freehold rights linked to a 100MW project have been secured, with connection expected in or after 2026.
In February’s post-closure T-1 and T-4 Capacity Market auctions, the fund secured significant revenues.
From its T-1 transactions it anticipates just under £6 m of revenues to after this 1 October, from contracts awarded to 96.5MW of de-rated capacity, priced at £60,000 per MW.
From T-4, around c.£30 million will be earned over 15 years after 2026, from contracts awarded to 28.8MW of de-rated capacity, priced at £63,000 per MW, a record high.
Gresham House Storage Fund’s chair John Leggate CBE, pictured, commented: “We are exceptionally well-positioned to capitalise on the exciting battery energy storage opportunities ahead of us in the UK and our targeted international markets.”
