Gresham House Energy Storage Fund has reported a 135% rise in underlying portfolio EBITDA.
Portfolio EBITDA rose to £15.8m (€18.2m) for the year ending 31 December 2020 up from £6.7m in 2019.
The fund said underlying portfolio revenues rose by 89% to £19m up from £10.1m in 2019.
This increase was driven by frequency response services, trading and triads.
During the year total operational capacity increased to 315MW (FY19: 174MW) with £85.3m invested and 141MW of operational capacity added.
Since the year end, Gresham has invested £49m invested into 110MW of operational capacity taking total to 425MW (including the 30MW Byers Brae acquisition announced on 22 April 2021).
It’s updated pipeline stands at 802MW, of which 275MW due to start construction shortly.
The investment of 275MW fully commits equity funds raised in November 2020 and is expected to take operational capacity to 700MW by Q1 2022.
An additional exclusive pipeline of 527MW is to be built subject to further debt and/or equity fundraising.
Chair John Leggate said: “2020 was a milestone year for GRID, with the need for battery storage highlighted by the sharp mismatch in power supply and demand during the first UK lockdown, and the Government accelerating decarbonisation targets.
“We have a substantial project pipeline and access to the necessary resources to deliver on our ambitious plans to maintain the growth momentum of our battery storage portfolio.
“This is fundamental to delivering a stable, cost effective, and carbon-free power generation infrastructure.”
Gresham House New Energy managing director Ben Guest added: “The UK’s global leadership in renewable generation and in its setting of ambitious decarbonisation targets, continues to make it one of the world’s most attractive markets for deployment of utility-scale battery storage technology.
“We are encouraged by the system operator, National Grid, continuing to test and facilitate new ways for battery storage to contribute to system balancing.
“More renewable energy on the system will inevitably lead to more intraday power price volatility, driving the improved revenues and profit from trading which GRID is best positioned to capture.
“We are intent on driving shareholder value by maximising project returns through our portfolio scale as well as operational and cost leadership, while striving to reduce our cost of capital, including through a potential new debt facility.”