Overview
Gresham House Energy Storage seeks to provide investors with an attractive and sustainable dividend over the long term by investing in a diversified portfolio of utility-scale operational energy storage systems, which utilise batteries and may also utilise engines, located in Great Britain.
Gresham House Energy Storage will invest in a diversified portfolio of utility scale energy storage systems (‘‘ESS Projects’’), which utilise batteries and may also utilise generators. The ESS Projects comprising the portfolio will be located in diverse locations across Great Britain. Individual projects will be held within special purpose vehicles into which the Company will invest through equity and/or debt instruments. It is intended that each ESS Project Company will hold one project but an ESS Project Company may own more than one project. The company will typically seek legal and operational control through direct or indirect stakes of up to 100 per cent. in such ESS Project Companies, but may participate in joint ventures or co-investments, including, without limitation with other investors or entities managed, operated or advised by the Gresham House Group, where this approach enables the company to gain exposure to assets within the company’s investment policy, the like of which the company would not otherwise be able to acquire on a wholly-owned basis. In such circumstances the company will seek to secure its shareholder rights through protective provisions in shareholders’ agreements, co-investment agreements and other transactional documents.
You can access the company’s website here
GRID : Gresham House Energy Storage
Fundamentals
Price
Research History
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19 Jun 2020 2 min read
QuotedData’s weekly roundup 19 June 2020
James Carthew’s weekly news roundup show for Friday, 19 June, covers investing in batteries, Tritax Big Box REIT’s new shed for Amazon, the potential demise of Gabelli Value Plus+ (we always hated the ‘+’), why Lindsell Train’s managers should have taken the performance fee that they earned and European Opportunities big loss on Wirecard. It also […]
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07 May 2020 6 min read
QuotedData’s Economic Roundup – May 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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17 Apr 2020 2 min read
QuotedData’s weekly roundup 17 April 2020
James Carthew’s weekly news roundup show for Friday, 17th April, covers a wide range of topics and includes an interview with Tony Dalwood, CEO of Gresham House, which has just taken on the management of Strategic Equity Capital. Listen back here This was our second weekly roundup and the format we evolve over time. If […]
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11 Sep 2019 5 min read
QuotedData’s economic roundup – September 2019
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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19 Dec 2018 1 min read
QuotedData’s investment companies roundup – December 2018
QuotedData’s investment companies roundup – December 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2018. Kindly sponsored by Baillie Gifford. Extract from ‘winners and losers’ The Californian wildfires took their toll on CatCo Reinsurance as it […]
News
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01 Feb 2021 1 min read
Latest acquisition increases Gresham House Energy Storage’s operational portfolio to 395MW
Gresham House Energy Storage (GRID) has acquired a 35MW battery project located in North Shields, Tyne and Wear and a 10MW battery project located in Essex. This transaction follows GRID’s recent acquisitions of two 50MW projects (Wickham and Thurcroft) and the 25MW Tynemouth project (click here to read more). The acquisition increases GRID’s operational portfolio to 395MW. GRID notes that […]
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11 Jan 2021 2 min read
Gresham House Energy Storage seals 25MW Tynemouth acquisition
Gresham House Energy Storage (GRID) has completed the acquisition of a 25MW battery project located in North Shields, Tyne and Wear (Tynemouth). Tynemouth follows GRID’s recent acquisitions of the 50MW Wickham and 50MW Thurcroft projects and was acquired from Enel Global Thermal Generation S.R.L. Tynemouth is a battery-only site with circa 25MW export/import capacity and is connected to the distribution network. […]
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24 Dec 2020 2 min read
QuotedData’s morning briefing 24 December 2020
In QuotedData’s morning briefing 24 December 2020: Gresham House Energy Storage has conditionally agreed to acquire a c.30MW battery project located near Wester Dechmont, Livingston in West Lothian, Scotland. Byers Brae is a battery-only site with a c.30MW/30MW export/import capacity which is currently expected to be commissioned in the second quarter of 2021. The project is […]
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30 Nov 2020 2 min read
Gresham House Energy Storage completes Wickham project
Gresham House Energy Storage completes Wickham project – Gresham House Energy Storage Fund has completed its investment in the 50MW battery project located near Wickham Market, Suffolk. Wickham follows GRID’s recent acquisition of the Thurcroft project (pictured) and was acquired for a total enterprise value of £32.75m (plus up to £0.75m of deferred contingent consideration). Wickham is a battery-only site […]
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25 Nov 2020 2 min read
QuotedData’s morning briefing 25 November 2020
In QuotedData’s morning briefing 25 November 2020: Gresham House Energy Storage has successfully raised gross proceeds of £120m through the issue of 114,285,714 shares at 105p. The issue was oversubscribed. The money will enable the company to finance up to six new near-term acquisitions totalling 245MW. RDL Realisation says that it intends for the company to become […]
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10 Nov 2020 2 min read
Gresham House Energy Storage prepares to grow with new share issuance programme
Gresham House Energy Storage (GRID), currently the UK’s largest fund investing in utility-scale energy storage systems, is set to grow after announcing a new share issuance programme to be conducted over the next 12 months. The initial placing and offer for subscription are launching today. In the announcement, GRID says that “it intends to build on its […]
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02 Nov 2020 3 min read
QuotedData’s morning briefing 2 November 2020
In QuotedData’s morning briefing 2 November 2020 – Downing Strategic Micro-Cap (DSM) reported interim results for the six months ended 31 August 2020. The NAV increased by 22.5% from the March 2020 low-point, but was down 5.5% over the period, on a per-share basis. Chairman, Hugh Aldous, noted the following: “I said in May that we […]
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14 Oct 2020 1 min read
QuotedData’s morning briefing 14 October 2020
In QuotedData’s morning briefing 14 October 2020 – Gresham House Energy Storage (GRID) announced that it has raised approximately £15.0m through the issuance of a mixture of short-term and medium-term secured power bonds. The majority of the proceeds will be used to acquire an operating asset which is in the final stages of due diligence with an agreement […]
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01 Sep 2020 1 min read
QuotedData’s morning briefing 1 September 2020
In QuotedData’s morning briefing 1 September 2020: CIP Merchant Capital has sold its interest in Circassia Group, a specialty biopharmaceutical company focused on respiratory diseases and quoted on AIM, for approximately £3.9m, resulting in a net profit of £1.1m. Circassia is the first investment that CIP Merchant Capital has sold. It made a 1.4 times cash on […]
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07 Jul 2020 2 min read
QuotedData’s morning briefing 7 July 2020
In QuotedData’s morning briefing 7 July 2020: Gore Street Energy Storage raised £23.7m by issuing 24,627,365 new ordinary shares at 96.1p. 3m of those went to JXTG Nippon Oil & Energy Corporation Gresham House Energy Storage is issuing £15m of bonds (which it is calling GRID Power Bonds) with a coupon of 5%. This is the first issue […]
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03 Jul 2020 3 min read
Gresham House Energy Storage acquires 41MW Bloxwich facility
Gresham House Energy Storage Fund (GRID) has announced that it has completed the acquisition of a 41MW operational energy storage facility known as Bloxwich from a group of investors led by Arenko Cleantech (Arenko). The initial cost is £20.1m, with the potential for further earnout payments. The acquisition of Bloxwhich increases the total capacity of […]
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03 Jun 2020 1 min read
QuotedData’s morning briefing 3 June 2020
Gresham House Energy Storage (GRID) is assessing options to raise debt finance, to fund the acquisition of new battery storage projects. GRID’s previously communicated plans include commissioning a further 190MW of battery storage in 2020, increasing total capacity to 364MW by the end of this year. Civitas Social Housing (CSH), the London-listed REIT dedicated to investing […]
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11 May 2020 2 min read
Gresham House Energy benefits from power price volatility
Gresham House Energy (GRID) has reported an NAV of 101.5p, as at 31 March 2020. GRID said the NAV increased over the quarter, driven by the assets acquired in December being valued at fair market value, which was offset in part by a more conservative set of forecasts driven by lower inflation assumptions, as well as, […]
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27 Apr 2020 5 min read
Inaugural annual results from Gresham House Energy Storage
Renewable energy infrastructure company, Gresham House Energy Storage (GRID), reported its first set of annual results since its launch in November 2018. Performance highlights Net Asset Value of £205.9m, up 6.48% on a total return basis. Driven by portfolio cash generation, improved revenue forecasts and project-level value enhancements. Total dividends for the year of 4.5p […]
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17 Apr 2020 2 min read
Power plays
Gresham House Energy Storage (GRID) announced that it had invested in a new 50MW battery storage project in Suffolk this week. This takes its portfolio to 274MW in total. GRID is one of two listed companies investing in this area, the other being Gore Street Energy Storage (GSF). GRID is quite a bit bigger than […]
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14 Apr 2020 1 min read
Gresham House Energy Storage buys 50MW Suffolk battery project
Gresham House Energy Storage buys 50MW Suffolk battery project – Gresham House Energy Storage Fundhas conditionally agreed to acquire a 50MW battery project located near Wickham Market, Suffolk. The project was in the exclusivity pipeline identified in the October 2018 IPO prospectus. Wickham is a battery-only site with a 50MW/40MW export/import capacity which is currently expected […]
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20 Mar 2020 2 min read
Gresham House Energy announces largest project to date
The battery storage investor, Gresham House Energy (GRID), says it has conditionally agreed to acquire a 50MW battery project located near Thurcroft, to the east of Rotherham. The Project will be GRID’s largest project to date, and part of the exclusivity pipeline identified in the Company’s October 2018 IPO prospectus. Thurcroft is a battery-only site with […]
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03 Mar 2020 2 min read
QuotedData’s other news 3 March 2020
In QuotedData’s other news 3 March 2020: AEW UK Long Lease REIT has changed its name to Alternative Income REIT Gresham House Energy Storage managed to raise £31m, despite the ongoing market volatility. It will issue 30m shares at 104p each. The dispute between Pollen Street Secured Lending and its manager, Pollen Street Capital rumbles on. […]
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07 Feb 2020 1 min read
QuotedData’s other news 7 February 2020
In QuotedData’s other news 7 February 2020 Gresham House Energy Storage is calling an EGM as it tries to raise money to fund “a significant, operational project which the vendor has advised has the potential for expansion to over 50MW“. US Solar Fund says its fraud is “an isolated incident originating from outside the Investment Manager […]
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29 Jan 2020 2 min read
Renewable energy funds under attack from brokers
Renewable energy funds under attack from brokers – Shares in many renewable energy funds slumped yesterday as first Chris Brown of JPMorgan and then Matthew Hose of Jefferies said they were overvalued. Their analysis (which we can’t show you and you can’t get hold of unless you work for a large investment firm and pay […]
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02 Jan 2020 3 min read
Gresham House Energy completes 49MW Red Scar battery storage investment
Gresham House Energy Storage Fund (GRID) has announced has completed its investment in the 49MW battery-only project known as Red Scar. The Project, which is located on the Red Scar Business Park, by the Longridge Road and the M6 outside Preston, was acquired for a total enterprise value of approximately £32.8m (inclusive of £1.0m of […]
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16 Dec 2019 2 min read
QuotedData’s other news 16 December 2019
In QuotedData’s other news 16 December 2019 – Gresham House Energy Storage (GRID) acquired two operational battery storage facilities totalling 50MW from VLC Energy, a joint venture between Low Carbon and VPI Immingham a subsidiary of Vitol Group, for £29.2 million. The facilities comprise a 40MW facility at Glassenbury, Kent, and a 10MW facility at […]
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21 Oct 2019 1 min read
Gresham House Energy Storage buys Preston project
Gresham House Energy Storage buys Preston project – Gresham House Energy Storage Fund has entered into a conditional agreement to acquire a 49MW battery project located on the Red Scar Business Park, by the Longridge Road and the M6 outside Preston. This is one of the exclusivity portfolio projects identified in the IPO prospectus published in […]
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11 Oct 2019 1 min read
QuotedData’s other news 11 October 2019
In QuotedData’s other news 11 October 2019 – HICL Infrastructure announced the completion of the acquisition of the transmission assets associated with the Race Bank Windfarm, located off the coast of Norfolk, by Diamond Transmission Partners, a consortium comprising HICL and Diamond Transmission Corporation (a subsidiary of Mitsubishi Corporation). Gresham House Energy Storage raised gross proceeds […]
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03 Oct 2019 1 min read
QuotedData’s other news 3 October 2019
In QuotedData’s other news 3 October 2019 3i Infrastructure will issue up to 81m new shares through a placing. The price will be determined through a book build – where investors say what price they are prepared to pay and the deal is done at the highest price that allows the fund to issue all the […]
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20 Aug 2019 1 min read
QuotedData’s other news 20 August 2019
In QuotedData’s other news 20 August 2019 – Empiric Student Property (ESP) has reported half-year results to 30 June 2019; revenue grew by 14% to £35.7m while EPRA NAV was up 2%. In the manager’s report, ESP said that the UK higher education sector continues to both grow and polarise. There is strong demand for […]
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2 min read
Gresham House Energy completes 5MW grid level battery storage investment
Gresham House Energy completes 5MW grid level battery storage investment – Gresham House Energy (GRID) has announced that it has completed its investment in a symmetrical 5MW battery-only project based in Wolverhampton for a total enterprise value of approximately £3.5m. The project is one of the exclusivity portfolio projects identified by the company in its IPO prospectus […]
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12 Jul 2019 1 min read
QuotedData’s other news 12 July 2019
In QuotedData’s other news 12 July 2019 FastForward Innovations has swapped its stake in Intensity Therapeutics for shares in Portage Biotech, a Canadian listed company part-owned by Jim Mellon (a director of FastForward). Portage has no revenue but the value of the Portage shares FastForward is getting implies a small uplift in FastForward’s NAV. Aberdeen Standard […]
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11 Jul 2019 1 min read
QuotedData’s other news 11 July 2019
In QuotedData’s other news 11 July 2019 Gresham House Energy Storage is placing more shares today at 105p (a discount from the share price of 109.5p but at a premium to NAV. The placing is only open to institutional investors. We also have results from Invesco Asia and the sharp drop in Chelverton UK Dividend’s share […]
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28 May 2019 1 min read
QuotedData’s other news 28 May 2019
In QuotedData’s other news 28 May 2019: A new fund – Riverstone Credit Opportunities : RCOI – starts trading today, having raised $100m from professional investors to lend money to energy (mainly oil and gas) companies CQS New City High Yield announced that an administrative error had led to it overstating its NAV between 25 April […]
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26 Apr 2019 2 min read
QuotedData’s other news 26 April 2019
Gresham House Energy Storage has announced that it believes it will be fully invested by the end of the year. It is seeking to issue up to 75m new shares via a placing. Cantor Fitzgerald are running this, the closing date is 3pm on 24 May, the price is 101p – a premium to NAV […]
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19 Nov 2018 4 min read
ECJ ruling hits battery storage funds
ECJ ruling hits battery storage funds – Gore Street Energy Storage and Gresham House Energy Storage comment on ruling The European Court of Justice (ECJ) has ruled that the UK’s capacity market mechanism (which enables generators and battery projects to bid for contracts to provide back-up power to the grid during times of peak demand) […]
Upcoming Events
In The Press
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15 Jan 2019 1 min read
Investment Trust Insider update on battery storage
Investment Trust Insider update on battery storage – James Carthew: battery funds back renewables revolution A few weeks ago I looked at Gresham House Strategic (GHS). This week, it is the turn of Gresham House Energy Storage (GRID), a £100 million new issue in 2018 and the second energy storage fund to list after Gore Street Energy […]
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20 Dec 2018 1 min read
2018 new issue review
2018 new issue review – QuotedData’s James Carthew talks to Citywire’s Jen Hill about 2018’s clutch of new issues Investors were given an eclectic mix of opportunities within alternatives, in contrast to recent years when high-yielding propositions drove the vast majority of launches. The return of private equity and private equity like strategies – Augmentum […]