Gresham House Energy Storage Fund seeks to provide investors with an attractive and sustainable dividend over the long term, by investing in a diversified portfolio of utility-scale battery energy storage systems located in the UK and Ireland. In addition, the company seeks to provide investors with capital growth through the reinvestment of net cash generated in excess of the target dividend.
Gresham House Energy Storage Fund (GRID) invests in utility-scale battery energy storage systems (BESS) in Great Britain and Ireland. The company seeks to capitalise on the growing intraday imbalances in electricity supply and demand caused by the UK and Ireland’s ever-increasing reliance on renewable energy, by accessing multiple revenue sources available in the power market. GRID targets an NAV total return of 8.0% + per annum and it has significantly overshot this target since its inception in November 2018, having delivered an NAV total return of 84.1% and a share price total return of 100.5%, compared to an 11.8% rise in the broad UK market in the period to end-September 2022. Further NAV uplifts are expected in 2023 and 2024 as the fund’s pipeline of projects is commissioned and revalued accordingly. And manager Ben Guest has plans for further rapid expansion of the fund’s operational capacity, including in Europe, the US, Canada and Australia, over the longer term. GRID pays an attractive dividend, which is set to rise in line with revenues.