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A Gresham House Specialist investment Half - year results to 30 June 2021 Released : 20/09/2021 RNS Number : 2208M Gresham House Energy Storage Fund 20 September 2021 20 September 2021 Gresham House Energy Storage Fund plc ( the " Company " or the " Fund " ) Half - year results to 30 June 2021 Gresham House Energy Storage Fund plc , the UK's largest fund investing in utility - scale battery energy storage systems ( BESS ) , announces its half - year results for the period ending 30 June 2021 . Financial and operational highlights • NAV rose to £ 383m as at 30 June 2021 ( £ 359m as at 31 December 2020 ) • NAV per share up 6.7 % to 109.9p per share ( Q1 21 : 106.7p ) and NAV total return of 10.0 % during the period • Share price total return for the period of 10.7 % ( H1 20 : 4.0 % ) and 36.3 % since inception ( H1 20 : 15.6 % ) • EBITDA generated by the portfolio of £ 22.4m ( H1 20 : £ 4.5m ) from operating revenues of £ 24.9m ( H1 20 : £ 5.2m ) • Dividend cover from underlying earnings of 1.38x • Dividends paid or declared of 3.5p for the period ( H1 20 : 3.5p ) and , as targeted , 7.0p reaffirmed for 2021 • Discount rates remained unchanged . Weighted average discount rate marginally reduced from 10.8 % to 10.7 % due to revenue mix • Discount rates will be reviewed by independent advisors ahead of the release of Q3 NAV • £ 280m raised in the year to date ; £ 100m in equity in July and £ 180m , five - year , debt facility secured in September 2021 Deployment • . • • • 425MW of 100 % -owned , operational projects as at 30 June 2021 The Company signed SPAs for the acquisition of 100 % of a further 425MW of shovel ready capacity across seven projects during the period , which have , or shall , complete subject to certain conditions being met 275MW , or five of these projects , are now under construction A further 187MW of shovel ready projects are in advanced stages of due diligence Targeting c.1.3GW of operational capacity by H1 2023 Market Environment and Outlook • • • Half - hourly power price volatility has remained high as renewables continue to take market share , increasing the intermittency of electricity generation and so the need for energy storage Half hourly power prices peaked at £ 4,000 / MWh during January and September Supportive industry developments with National Grid : ○ Set to demerge the Electricity System Operator ( ESO ) о To procure Dynamic Containment service using 4 - hourly contracts from September 2021 о о Increasing expectations for energy storage installed capacity to up to 15GW by 2025 Forecasting another volatile power price period this winter • No material impact on operations or construction activities from COVID - 19 at this time Performance Highlights • NAV per share increase driven by revaluation of projects previously held at cost , cash retained over and above shareholder distributions , and improvements in third party forecasts EBITDA largely driven by attractive frequency response services ( 88.5 % of total ) , with the remainder from the capacity market , and from power trading opportunities taken advantage of as they arise