Gresham House Energy Storage Fund (GRID) reported strong full-year results for 2025, highlighting significant growth in operational capacity, cash generation, and NAV per share. Key achievements include
* **Increased operational capacity** 1,072MW / 1,701MWh, up from 845MW/1,207MWh in 2024.
* **Revenue and EBITDA growth** Unaudited operational portfolio revenues rose 29.9% to £60.4mn, and EBITDA increased 33.4% to £38.8mn.
* **Progress on Three-year Plan** Completed augmentations of 330MWh across 7 projects, with 350MWh more underway in 2026.
* **Alternative Revenue strategy** Formal trials showed promising results, exceeding expectations and doubling existing revenues on trial capacity.
* **Funding secured** £220mn amortizing debt facility closed, and equity funding secured for project augmentation.
Despite delays in connection dates due to NESOs Queue Reform Process, GRID remains confident in its growth trajectory, targeting further capacity expansion, revenue growth, and NAV per share increase in 2026. The company is well-positioned to capitalize on the growing demand for battery energy storage systems in the UK, driven by the need to reduce dependence on imported fossil fuels and support renewable energy integration.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| NAV per share (pence) | 109.35 | 113.34 | +3.7% |
| Operational MW/MWh | 845MW / 1,207MWh | 1,072MW / 1,701MWh | +26.9% / +40.9% |
| Average Duration (hours) | 1.43 | 1.59 | +11.2% |
| Operational Portfolio Revenues (£mn) | 46.5 | 60.4 | +29.9% |
| Operational Portfolio EBITDA (£mn) | 29.1 | 38.8 | +33.4% |
| EBITDA Margin (%) | 62.5 | 64.2 | +2.7% |
| Contracted Revenues (£mn) | 11.5 | 23.8 | +106.9% |
| Debt Facility (£mn) | N/A | 220 | New Facility |