Signing of ECAs & Cockenzie acquisition completion

Gresham House Energy Storage Fund

15 May 2026

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").

15 May 2026

Gresham House Energy Storage Fund plc

(GRID or the Company)

Signing of Export Credit Agreements and completion of Cockenzie acquisition

Gresham House Energy Storage Fund plc (LSE:GRID), the UK's largest listed fund investing in utility-scale battery energy storage systems (BESS), is pleased to announce the signing of export credit agency-backed financing for the BESS equipment on the first two pipeline projects, Cockenzie and Monet's Garden, amounting to 297MW, at a 2-hour duration. Additionally, the Company has completed the acquisition of Cockenzie, having conditionally agreed to acquire the project on 31 December 2025. 

Export credit agreements

Subsidiaries of the Company have entered into export credit facility agreements, funding up to 50% of the battery, inverter, and medium voltage transformer equipment for Cockenzie (240MW/480MWh) and Monet's Garden (57MW/114MWh) in a transaction that is a first of its kind in the UK BESS market. The financing enables GRID to spread the payment of this equipment over ten years at an attractive fixed interest rate, reducing upfront capital requirements and improving equity returns. The export credit facility is being provided by Banco Santander, S.A.

Update on the wider funding process

These export credit agreements represent the first step of the funding process for the two of the first three pipeline assets. The next step will be the signing of senior debt facilities to cover up to 70% of the Cockenzie and Monet's Garden project costs, in short order. Further announcements will be made in due course on this topic. Once all funding is in place construction can begin in earnest for these projects, which have connection dates in 2027.

Cockenzie acquisition completion

The Cockenzie acquisition has been completed, as all conditions have now been satisfied. This is set to be the largest project in the portfolio to date.

2026 Capital Markets Day

The Company will host a Capital Markets webinar at 2.00pm (BST) on Thursday, 28 May 2026 where this transaction will be discussed in further detail. It will provide existing and potential investors with further details on the Company's progress to date on the existing Three-year Plan and its growth ambitions to be set out as the next stage of the Company's plan.

Register to attend here:

https://greshamhouse.zoom.us/webinar/register/WN_GPgaOb04SCOTzfnUQ44vMQ#/registration

Ben Guest, Fund Manager of Gresham House Energy Storage Fund plc & Managing Director of Gresham House Energy Transition, said:

"We are delighted to close these export credit agreements on our first two pipeline projects totalling 297MW/594MWh and demonstrate an alternative means to funding the new projects and optimise our balance sheet to deliver shareholder value. Our scale, experience, and strong relationship with our BESS supplier have enabled us to put this attractive funding option in place."

ENDS

For further information, please contact:

Gresham House Energy Transition Ben Guest James Bustin Harry Hutchinson	[phone]
Jefferies International Limited Stuart Klein Gaudi Le Roux Harry Randall	[phone]
Peel Hunt Luke Simpson Huw Jeremy	[phone]​
KL Communications                                    Charles Gorman Charlotte Francis	[e-mail] [phone]
JTC (UK) Limited as Company Secretary Ruth Wright	[e-mail] [phone]

About the Company and the Manager

Gresham House Energy Storage Fund plc aims to invest in a diversified portfolio of utility-scale battery energy storage systems (known as BESS) located in Great Britain and internationally. The Company seeks to provide investors with the prospect of capital growth through the re-investment of net cash generated in excess of its target dividend in accordance with the Company's investment policy.

Gresham House Asset Management Ltd is the FCA authorised operating business of Gresham House Ltd, a specialist alternative asset manager. Gresham House is committed to operating responsibly and sustainably, taking the long view in delivering sustainable investment solutions.

www.greshamhouse.com

Definition of utility-scale battery energy storage systems (BESS)

Utility-scale battery energy storage systems (BESS) are the enabling infrastructure that will support the continued growth of renewable energy sources such as wind and solar, essential to the UK's stated target to reduce carbon emissions. They store excess energy generated by renewable energy sources and then release that stored energy back into the grid during peak hours when there is increased demand.

DISCLAIMERS

This announcement has been prepared for information and background purposes only. This announcement does not constitute a prospectus or a prospectus-equivalent document relating to the Company and does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for, any shares or other securities in the Company in any jurisdiction nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with or act as any inducement to enter into, any contract or commitment therefor. The merits or suitability of any securities must be independently determined by the recipient on the basis of its own investigation and evaluation of the Company. Any such determination should involve, among other things, an assessment of the legal, tax, accounting, regulatory, financial, credit and other related aspects of the securities.

This announcement may not be used in making any investment decision in isolation and investors should not base any investment decision on this announcement. This announcement does not purport to be complete and, on its own, does not contain sufficient information to support an investment decision and investors should ensure that they obtain all available relevant information before making any investment. This announcement does not constitute or form part of and may not be construed as an offer to sell, or an invitation to purchase or otherwise acquire, investments of any description, nor as a recommendation regarding the possible offering or the provision of investment advice by any party. No information in this announcement should be construed as providing financial, investment or other professional advice and each prospective investor should consult its own legal, business, tax and other advisers in evaluating the investment opportunity. No reliance may be placed for any purposes whatsoever on this announcement or its completeness.

The Company's shares are admitted to trading on a regulated market and are traded on the secondary market. Any decision to acquire or dispose of shares in the Company should be made solely on the basis of publicly available information and not on the basis of this announcement.

The information and opinions contained in this announcement are provided as at the date of the announcement and are subject to change without notice and no representation or warranty, express or implied, is or will be made in relation to the accuracy or completeness of the information contained in this announcement and no responsibility, obligation or liability or duty (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the Company, the Manager or any of their affiliates or by any of their respective officers, employees or agents to update or revise publicly any of the statements contained in this announcement. No reliance may be placed for any purpose whatsoever on the information or opinions contained in this announcement or on its completeness, accuracy or fairness. The document has not been approved by any competent regulatory or supervisory authority.

Any investment in the Company is speculative, involves a high degree of risk, and could result in the loss of all or substantially all of an investment in the Company. The value of shares and any income from them may go down as well as up and investors may not get back the amount originally invested. Past performance is not a guide to future performance. Results can be positively or negatively affected by market conditions beyond the control of the Company or any other person. There can be no assurance that any targeted returns will be achieved or that the Company will be able to implement its investment strategy or achieve its investment objectives. There is no guarantee that any such returns can be achieved or can be continued if achieved, nor that the Company will make any distributions whatsoever.

The information in this announcement may include forward-looking statements, which are based on the current expectations, intentions and projections about future events and trends or other matters that are not historical facts and in certain cases can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target", "believe" (or the negatives thereof) or other variations thereof or comparable terminology. These forward-looking statements, as well as those included in any related materials, are not guarantees of future performance and are subject to known and unknown risks, uncertainties, assumptions about the Company and other factors, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur and actual results may differ materially from those expressed or implied by such forward looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements.

Each of the Company, the Manager and their affiliates and their respective officers, employees and agents expressly disclaim any and all liability which may be based on this announcement and any errors or omissions from this announcement.

No representation or warranty is given to the achievement or reasonableness of future projections, management targets, estimates, prospects or returns, if any. Any views contained in this announcement are based on financial, economic, market and other conditions prevailing as at the date of this announcement. The information contained in this announcement will not be updated.

 

END