Gresham House Energy net assets up following 397MW revaluation

Gresham House Energy Storage Fund PLC on Wednesday reported positive net asset value per share for the first half of 2026, boosted by the revaluation of 397 megawatt projects.

The London-based investment fund, which invests in utility-scale battery energy storage systems, said NAV per share as at June 30 was 131.30p, up 16% from 113.34p at December 31.

The increase was primarily due to the revaluation of 397MW of projects under construction using a discounted cash flow valuation, Gresham House Energy Storage Fund said. The revaluation accounted for 14.33p of the 17.96p increase in NAV per share over the period.

Portfolio revenue for the six months to June 30 was £34.7 million, up 9.5% from £31.7 million a year earlier. Ebitda rose 15% to £23.5 million from £20.5 million.

Net debt at June 30 was £171.4 million, up from £159.3 million at December 31.

Construction is now underway on 397MW of new projects at Cockenzie, Monets Garden and Elland 2, following financial close in May. The projects were supported by a £141 million fundraising, Gresham House Energy Storage Fund said.

The fund said the projects would expand its portfolio as it seeks to increase earnings and NAV per share.

Looking ahead, Fund Manager Ben Guest said: "Our priorities for the second half of the year are clearly defined, and each translates directly into earnings and NAV per share growth.

"While our objective of maximising shareholder returns remains as steadfast as we set out in November 2024, the ways to achieve it have strengthened in the period. We remain focused on driving value from the operational asset base as well as the design, procurement and funding of the next set of projects."

Shares in Gresham House Energy Storage Fund were up 0.2% at 97.00 pence on Wednesday in London.

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