Gresham House Energy Storage Fund has reported £49m in earnings before interest, tax, depreciation and amortisation (EBITDA) in 2022, a like-for-like increase of 23%.
In its full-year results, ending on 31 December 2022, the company saw a 33% increase in net asset value (NAV) to 155.51p NAV per share, compared with 116.86p NAV per share for the previous year.
Performance was mostly driven by revaluation of new projects and increases in third-party revenue forecasts.
During 2022 Gresham House Energy Storage Fund’s total target portfolio grew to 2GW, while operational capacity increased 29.4% to 550MW.
The company has eight projects in construction, totalling a further 477MW, expected to be commissioned in 2023.
Up to 670MW is expected to go into construction during 2023.
Highlights include the 40MW Coupar Angus project going fully operational.
50MW West Didsbury and 50MW Penwortham projects are now close to commissioning having experienced delays.
Operational capacity is expected to reach 1GW in 2023 and around 1.5GW in 2024 – growth of 80% and 170% respectively versus year-end 2022 which is expected to drive NAV per share and EBITDA growth.
The manager is trialling a new trading revenue opportunity on a small number of MW which has the potential to add a new income line to the fund’s revenue stack if the trial is successful.
Chair of Gresham House Energy Storage Fund John Leggate said: “Following GRID’s strong trajectory in 2022, the Company has set its ambitions higher going into 2023.
“We expect the EBITDA of the underlying investment portfolio to increase in 2023 as more projects are commissioned and operational capacity increases.
“This should also lead to growth in both NAV per share and earnings per share. As such, we expect to increase our 2023 dividend by 5%.”