SPAs signed for two pipeline projects

Gresham House Energy Storage Fund

28 May 2026

 

28 May 2026

Gresham House Energy Storage Fund plc

(GRID or the Company)

Sale and Purchase Agreements signed for two pipeline projects totalling 297MW/594MWh

Gresham House Energy Storage Fund plc (LSE: GRID), the UK's largest fund investing in utility-scale battery energy storage systems (BESS), is pleased to announce the signing of two further Sale and Purchase Agreements (SPAs) for the conditional acquisitions of Ocker Hill (240MW) in the West Midlands, and Lister Drive (57MW) in Merseyside.

Ocker Hill is a 240MW / 480MWh 2-hour BESS project in Wednesbury, West Midlands, with an expected connection date of October 2029. The project has planning permission granted, protected status under grid reform, and benefits from a signed floor contract for the first 12 years of operations. The project also has potential upside through Capacity Market participation and the potential to be built to a much longer duration.

Lister Drive is a 57MW / 114MWh 2-hour BESS project in Liverpool, with an expected connection date of September 2029. Lister also has secured Capacity Market contracts, providing contracted revenue support, and offers a clear route to delivery with no unusual or onerous planning conditions identified.

The signing of these two SPAs means that GRID has either acquired (in the case of Monet's Garden, Cockenzie, and Elland 2) or conditionally acquired (Ocker Hill, Lister Drive, and Rayleigh)

1,174MW/2,348MWh of new projects to be built over the coming years as part of the Company's growth strategy.

Right of first refusal change for international pipeline projects

With these transactions, the focus for the Company in the short to medium term is on UK projects. As such, the Company has negotiated favourable terms with the Gresham House Group in order to manage its cash flow through deferred consideration mechanics for the six new projects. This provides for payment over a four-year period, after certain conditions are satisfied.

The Gresham House Group wishes to pursue ESS projects outside the UK and Ireland through other Gresham House mandates, and the Board has agreed to provide its prior written consent under clause 17.2 of the AIFM Agreement to forego the requirement for those opportunities to be first presented to the Company. This does not prevent the Company from participating in Overseas Jurisdictions sourced by the Gresham House Group either directly or through co-investments. The Company may also source its own international opportunities separately.

The Company's right of first refusal on the Gresham House Group's UK and Ireland pipeline is unchanged and remains in place.

2026 Capital Markets Day Webinar

The Company will host a Capital Markets webinar at 2.00pm (BST) on Thursday, 28 May 2026 in which these transactions will be discussed in further detail. The Company will provide investors with further details on the Company's progress to date on the Three-year Plan and its growth ambitions.

Register to attend here:

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

John Leggate CBE, Chair of Gresham House Energy Storage Fund plc, commented:

"The signing of these SPAs marks the culmination of an intensely busy 18-month period for the Company and the Board. Over the last six months we have acquired, or conditionally acquired, over a gigawatt of pipeline capacity which will more than double the size of GRID once operational. We are hugely excited about the growth potential of the Company over the next few years, and we look forward to sharing more with investors at our Capital Markets Day Webinar later this week."

ENDS

For further information, please contact:

Gresham House Energy Transition

Ben Guest                                                                   [phone]
James Bustin

Harry Hutchinson

Jefferies International Limited

Gaudi Le Roux                                                            [phone]
Stuart Klein
Harry Randall 

Peel Hunt                                                                  

Luke Simpson                                                             [phone]

Huw Jeremy                          

KL Communications                                                 [e-mail]
Charles Gorman                                                         [phone]
Charlotte Francis

JTC (UK) Limited as Company Secretary               [e-mail]
Ruth Wright                                                                [phone]

LEI: 213800MSJXKH25C23D82

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.

 

END