Gresham House Energy Storage Fund reported a like-for-like increase in profitability of more than 20% for its underlying portfolio of battery storage systems in 2022.
Full year EBITDA for its underlying portfolio exceeded £48m, according to the company’s unaudited results.
Operational capacity rose to 550MW as of 31 December 2022, up 29% for 2021’s 425MW.
Chair of Gresham House Energy Storage Fund John Leggate said: “In 2022, the manager grew the team’s capabilities commensurate with the projected growth of the pipeline, optimised current operations, added balance sheet flexibility through its debt facility, improved construction oversight and built out the pipeline.
“The board believes that 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.”
Since the year end, the fund has increased by 40MW with the commissioning of the Coupar Angus project.
A further 437MW is under construction and expected to be commissioned in 2023.