Gresham House Energy Storage Fund PLC (LSE:GRID) reported a net asset value (NAV) per share of 115.68p as of 30 September 2025, marking a 7.4% return for the third quarter.
The uplift in NAV was driven largely by improved cash flows from recent augmentations and lower discount-rate premiums applied to projects that had previously been under construction—together contributing 3.8% to the June NAV. Stronger revenue assumptions added a further 1.9%, while routine model roll-forward contributed 1.2%. Additional gains came from reduced operating-cost estimates (0.4%) and other items, including previously disclosed floor contracts (0.3%). These benefits were partially offset by delays to the operational start dates at the West Bradford and Shilton Lane sites, which trimmed NAV by 0.2%.
Operational assets—excluding working capital—were valued at £706,000 per megawatt, up from £682,000 per megawatt at the interim results. As of quarter-end, the operational portfolio totalled 1,072MW/1,701MWh, including the newly energised West Bradford and Shilton Lane facilities, which are expected to begin generating revenue in December.
During the quarter, the underlying portfolio delivered £13.3 million in revenue and £8.8 million in EBITDA. Annualised revenue came in at roughly £56,000 per megawatt, down from £75,000 per megawatt in the first half, reflecting typical seasonal softness.
Total debt at the end of September stood at £210 million, offset by cash holdings of £78 million, resulting in net debt of £132 million—equivalent to 20.1% of NAV.
The fund also announced the conditional acquisition of Elland 2, a 100MW battery project, furthering the growth strategy outlined at last year’s capital markets day.
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