Gresham House Energy Storage Fund PLC (LSE:GRID) reported a net asset value (NAV) of 113.3 pence per share as of 31 December 2025, representing a 2.0% decline during the fourth quarter.
The reduction in NAV was primarily driven by revised revenue assumptions, which lowered the September valuation by around 5.3%. This impact was partly offset by positive operational developments that added approximately 2% to the valuation, alongside cash generation contributing a further 1%.
During the quarter, the fund’s portfolio generated £15.4 million in revenue and £9.5 million in EBITDA, reflecting continued operational performance across its energy storage assets.
Gresham House also noted progress on the final phase of its three-year strategic plan focused on developing alternative revenue streams. Initial trials began in December 2025, with further details expected to be disclosed when the fund publishes its full-year results.
The portfolio’s weighted-average discount rate stood at 10.33% at the end of December 2025, slightly lower than 10.46% recorded at the end of the third quarter. Underlying asset discount rates remained unchanged.
In terms of development activity, the fund signed acquisition agreements in December 2025 for three new projects—Cockenzie, Monet’s Garden and Elland 2—which are currently held at cost in the portfolio. Construction on these assets is expected to begin in the first half of 2026, subject to securing grid connection offers.
The fund is also progressing negotiations for two additional projects, with agreements expected to be completed before construction begins in early 2027.
Among the new developments, Cockenzie is a 240MW project with a confirmed grid connection date of June 2027. The remaining four projects currently hold protected status while awaiting grid connection offers expected between now and May 2026.
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