Gresham House Energy Storage Fund plc (LSE:GRID), the UK’s largest investor in utility-scale battery energy storage systems, reported a 76.9% year-on-year increase in underlying portfolio revenues to £31.7 million for H1 2025. Underlying portfolio EBITDA surged 97.6% to £20.5 million compared with the same period in 2024.
The fund confirmed it will prioritize reinvesting cash flow into growth rather than paying dividends over the next two years, with only minimal dividend distributions planned. GRID expects a small dividend of 0.11p per share in November 2025 and at least 0.25p per share in 2026. More meaningful dividend increases are anticipated from 2027 onwards, following the completion of its expansion initiatives. Net Asset Value (NAV) fell slightly by 1.5% to 107.71p per share during the period.
“This half-year period has been a critical step in delivering against the three-year strategic plan we set out in November 2024,” said John Leggate CBE, Chair of Gresham House Energy Storage Fund. “The Board believes that the growth opportunities we see represent the best future total return for investors.”
GRID has reached a milestone as the first and only Gigawatt-scale operational portfolio in Great Britain, with 1,072MW/1,701MWh of operational capacity. The company completed 330MWh of initial augmentations, increasing the portfolio’s average duration to 1.6 hours, with a further 350MWh augmentation program currently underway.
Long-term contracted revenues are in place, with 88% of the operational portfolio secured through revenue floor contracts alongside two-year revenue tolls with Octopus Energy. Post-period, GRID completed a key refinancing, unlocking capital to support further growth.
“We are very pleased with the progress made so far in 2025 and delivering on the initial steps of our Three-year Plan. We’re also delighted to be the first BESS investor to have passed the symbolic 1GW milestone for operational projects,” said Ben Guest, Fund Manager.
The company plans to double installed battery capacity over the next two years from 1.7GWh to 3.5GWh, with total installed capacity expected to increase 65% from 1.1GW to 1.8GW. Once construction spending is complete and the portfolio reaches 1.8GW, GRID estimates it could generate excess cash flows of approximately 10p per share at current merchant revenue levels.
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