Gresham House Energy Storage Fund has reported a 53% increase in net asset value (NAV) to £785m in the first half of 2022, compared with £512m in the previous reporting period ending 31 December 2021.
The energy storage investor’s underlying operational portfolio revenue rose 20.6% to £30.1m in the period ending 30 June 2022, compared with £24.9m in the second half of 2021.
EBITDA stood at £22.7m in the first half of 2022 compared with £22.4m in the second half of 2021.
During the reporting period Gresham House Energy Storage Fund’s assets comprise 425MW across 17 operational projects, which has since risen to 500MW across 19 operational projects as of 31 August 2022.
Meanwhile, 602MW across 11 projects was under construction as of 30 June 2022, 527MW as of 30 August 2022 plus a further 90MW (Enderby and Coupar Angus) due to commission in the coming days.
Total operating capacity of over 1GW is targeted by end the end of the first quarter of 2023.
All projects 100% owned by the fund, which is targeting 1.6GW by mid-2024
Ben Guest (pictured), Fund Manager of Gresham House Energy Storage Fund plc and Managing Director of Gresham House New Energy, said: “Our next batch of projects is in advanced stages of construction; as of today, a further 527MW across 9 projects are anticipated to commission in the next six months, going into 2023.
“Beyond that, our project pipeline into 2024 is also strong, with over 500MW planned for the 12-18 months that follow.
“GB needs at least 20GW of BESS by 2030, demonstrating its critical importance to the energy transition. We are working on additional pipeline both in GB and Overseas, and we look forward to providing updates as this work progresses.”