The UK's largest listed battery storage fund 2021 - Gresham House
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30 June
2021
The UK’s largest listed
battery storage fund
Gresham House Energy Storage Fund plc (GRID)
Interim Report and Accounts as at 30 June 2021
Interim Report
02 Highlights
03 Chair's Statement
05 Investment Manager's Report Energy storage to
address supply-demand
11 Board and Investment Team
13 Director's Report
17 Principal Risks and Uncertainties
imbalances on the
Financial Statements
19 Unaudited Condensed Statement of
Comprehensive Income
20 Unuaudited Condensed Statement of
National Grid, in real time.
Financial Position
21 Unaudited Condensed Statement of
Changes in Equity
22 Unaudited Condensed Statement of Cash
Flow
23 Notes to the Financial Statements
37 Alternative performance measure table
Additional Information
40 Company Information Gresham House Energy Storage Fund
plc (GRID, the Fund or Company) invests
41 Glossary
in a portfolio of utility-scale operational
Battery Energy Storage Systems (BESS)
in Great Britain.
For more information visit
www.greshamhouse.com/gresham-house-energy-storage-fund-plc
Interim Financial Additional
Report Statements Information
Company Financial Highlights Performance Highlights
Æ Net Asset Value (NAV) of £383m or 109.89p per share (FY
2020: 102.96p / H1 2020: 98.16p). Increase in
109.89p
NAV per share (pence) NAV in H1 2021 driven by revaluations of recently
(as at 30 June 2021) commissioned projects, cash retained over and above
98.16p
distributions to shareholders and improvements in third
109.89p party forecasts. The weighted average cost of capital
dropped from 10.8% to 10.7% due to a greater proportion
of revenues coming from Capacity Market contracts
Æ NAV total return of 10.03% for the six-month period,
Jun 21
Jun 20
driven by a 6.9p increase in NAV per share and 3.5p in
dividends paid in the six-month period
Æ Ordinary Share price at 30 June 2021 was 120.75p
Company profit & total comprehensive
implying a total return of 36.25% since inception, and
income (£m)
10.66% for the six-month period ended June 2021
£36.3m
(for the six months ended 30 June 2021)
Æ The Board reaffirms expectations of 7.0p dividends for
£36.3m 2021 and expects full dividend cover from underlying
(£0.5m) Jun 20
earnings in the portfolio in 2021
Æ £100m equity raised following the half-year period end.
The Manager is now targeting an additional 515MW
Jun 21 in BESS projects by Q1 2022 from deployment of
£220m in cash raised from share issuance under the
Total gross equity funds raised (£m)¹ Prospectus published in November 2020. Deployment of
(as at 30 June 2021) this equity is progressing well
£357.9m
Æ Debt process successfully completed unlocking a £180m
£357.9m total debt facility made up of £150m capex facility and
£237.9m
£30m working capital facility, significantly improving the
incremental cost of capital for the Company
Operational Highlights
Jun 21
Jun 20
Æ Daily operations continue to be dominated by frequency
response services, Dynamic Containment and Enhanced
Alternative Performance Measures² Frequency Response in particular, contributing 86% of
revenues, while power trading opportunities are taken
advantage of as they arise
3.5p
3.5p
Dividend per Ordinary Share (pence)³ Æ The Company had 425MW of operational projects at the
(for the six months ended 30 June 2021) end of June and has also signed conditional SPAs for the
acquisition of a further 425MW in the period. In addition,
3.5p a further 187MW is in advanced stages of due diligence.
Average project size has increased to
c.60MW significantly accelerating operational scale-up
Jun 21
Jun 20
Æ 2021 started with occasional periods of extreme
volatility with short run power prices reaching £4,000/
MWh on 8 January 2021
Ordinary Share price total return since IPO Æ Daily peak electricity prices are at historically high levels
due to higher demand, higher natural gas prices and
36.25%
(for the period to 30 June 2021)
elevated carbon prices demonstrated by record monthly
36.25%
average price per MWh in August 20214
Æ Supportive industry developments with (i) National Grid
15.60%
demerging the Electricity System Operator, (ii)
significant changes in frequency response and reserve
services procured by National Grid and (iii) a significant
Jun 21
Jun 20
pick up in deployment of storage projects
NAV per Ordinary Share total return Æ National Grid has significantly increased the prominence
(unlevered) of Energy Storage, forecasting up
(for the period to 30 June 2021) to 43GW of capacity being required in 2050 and
10.03%
confirming 15GW by 2025 under its recently published
10.03% Future Energy Scenarios compared with c.1.3GW
operational today
(0.02%)
1. Including £100m at IPO - Unaudited
2. Alternative performance measures are defined and calculated in the Glossary
3. Including proposed dividend
Jun 21
Jun 20
4. source: https://www.thetimes.co.uk/article/gas-lights-up-price-for-
electricity-2h3j2gb2j
Gresham House Energy Storage Fund plc (GRID) 2
Chair's
Statement
It is a positive confirmation of our investment
John Leggate
thesis to see that grid-scale batteries are now Non-Executive Chair,
Gresham House Energy Storage
becoming an essential feature of the UK’s critical Fund plc Board
national infrastructure.
Summary SPAs for the acquisition of a further 425MW These are the last of the already-operational
On behalf of the Board, I am delighted to present which are scheduled to become operational projects that the Company expects to acquire in
the Interim Report and Accounts of Gresham during 2022. A further 187MW are in the the foreseeable future as it focuses on its new-
House Energy Storage Fund plc for the six- advanced stages of due diligence. build project pipeline, although we are still open
month period ending 30 June 2021. to opportunistic acquisitions.
Having secured a debt facility, the Company’s
The Company and its Portfolio have performed aim now is to commit to the remainder of the Referring to battery duration, the Manager is
well over the period, with dividend cover from pipeline disclosed during the fundraising in July actively considering the optimal duration for its
underlying operational earnings of 1.62x (1.38x 2021, which would take operational MWs to latest projects. While all new projects which are
excluding locked box income) for H1 2021 (FY c.1.3GW during H1 2023. already funded, namely Coupar Angus (40MW),
2020 0.78x / H1 2020: 0.48x). Total Share Price Arbroath (35MW), Enderby (50MW), West
Return since IPO is 36.25% to H1 2021 (H1 2020: The Company’s overall pace of deployment is Didsbury (50MW), Melksham (100MW), Stairfoot
15.60% / FY 2020: 23.10%). likely to result in it maintaining market share of (40MW), Penwortham (50MW), Grendon (up to
at least 25-30% as it has done since its IPO in 100MW) and Project Y (50MW) are being built
Complementing this strong performance, 2018. out to one hour durations, pipeline projects are
our future growth plans are on track, with a being evaluated on their ability to have longer
significant number of acquisitions, further The Manager continues to work hard on duration batteries and we have a preference
equity fundraising and the commitment of delivering our pipeline, and incrementally to invest in projects that can be built with at
equity funds raised into projects both during focusing on projects that will commission in least a 90 minute duration: the longer duration
and following the half-year end. 2023 and later. The Manager also continues to increases the potential revenue per MW.
review opportunities in Ireland, although the
The completion of the debt fundraising process team has been able to execute more effectively Results and outlook
is also a significant milestone for the Company, in Great Britain where the revenue outlook The Company has performed strongly during
demonstrating how much the industry has has improved significantly since shareholders the period. The portfolio generated net earnings
matured since IPO, and how the Company is agreed to a change in Investment Policy in for dividend cover of £19.7m, from operating
demonstrating sector leadership through scale 2020, to include investment in Ireland. The revenues of £24.9m. Revenues came mostly
and strong execution in its operational Manager has visibility on a large exclusive from frequency response services, with
activities. pipeline in Ireland, which we intend to announce £16.2m from Dynamic Containment, £5.2m
once these projects are closer to being shovel from EFR services provided by our 120MW of
ready. EFR contracted projects and £0.6m from FFR
Portfolio description, transactions and
pipeline services. The remaining 12% of the Company’s
Examining upcoming deployment more closely, revenue is made up of trading (Spread Capture)
The Company’s 17 projects make up 425MW of
it is worth noting that average project size has and Capacity Market contracts.
wholly owned operational BESS projects
increased significantly to approximately 60MW.
located across England and Scotland, averaging
Assuming this continues, it will only take 13 The high proportion coming from frequency
over one hour in duration.
projects to triple the Company’s operational response services reflects the continued
capacity. shortfall, during the period, in available battery
The Manager has remained very active in terms
capacity to deliver the service that National
of fundraising and the building of a strong
Of the projects acquired in the first half of 2021, Grid has demand for and has resulted in the
pipeline. In terms of fundraising, the Company
70MW (Port of Tyne, Tynemouth and Nevendon) high level of revenues this year. This is expected
completed a successful equity fundraising
are contracted in EFR until the first half of 2022. to change in phases over the next year as the
shortly after the half-year end and also
These projects were well-priced given the fully number of operational batteries increases and
completed a debt fundraising totalling £180m in
contracted nature of their revenues from EFR as contracting moves from twenty-four-hour
September 2021.
and high value 15-year Capacity Market periods to four-hourly periods (known as EFA
contracts but also taking into account the blocks), resulting in National Grid being able to
On deployment, since the start of 2021, the
projects’ limited battery duration and the need procure less capacity when less is required.
Company has completed the acquisition of
for the Manager to carry out an upgrade
110MW of operational projects and has signed
programme once the EFR contracts expire.
3 Gresham House Energy Storage Fund plc (GRID)
Interim Financial Additional
Report Statements Information
As such, revenues earned per MW from revaluation of a significant number of recently Our cash generating operational portfolio
frequency response are expected to decline commissioned projects (five projects totalling allows us to demonstrate a more sustainable
over the next 12 months, uncovering the 150MW). Another positive driver is a 3.6p dividend paying ability versus comparable
underlying attractiveness of trading, a market improvement from higher cashflow forecasts, funds in the same market and we are pleased to
which is much more sustainable, due to its driven by higher trading revenue expectations. say that we expect full coverage of dividends in
large and growing size as renewables continue 2021.
to be deployed at pace. It is this market This more than offsets a negative impact of
opportunity, which is driving the interest in the c.1.5p from changes to the corporation tax This is despite the additional dividend burden
potential regime (whereby taxes on UK companies will for H2 2021 created from the recent equity
of longer duration batteries, mentioned in increase from 19% to 25% from FY 2023) prior fundraising. We were careful to demonstrate
the section above, as these longer duration to modelling of additional tax efficiencies. some restraint for this reason and kept our
batteries can capture more revenues from the target at £100m despite seeing much larger
intraday volatility in power prices. The financial The underlying discount rates used to calculate demand for shares.
model projections, which drive the Company’s the weighted average discount rate of 5%
NAV, already reflect less revenue from for Capacity Market revenues and 11.1% for all As mentioned above, the deployment of the
frequency response and a migration to income other revenues, remain unchanged with the remainder of the recent equity capital raised,
from trading activities from later this year weighted average dropping slightly to 10.73%. as well as of the recently secured debt funding,
and as such, revenues, on a per MW basis, are This reflects the greater proportion of revenues will take place during 2022 and early 2023. This
expected at levels closer to those anticipated coming from Capacity Market contracts. should drive down the revenue per MW level at
at the time of the IPO from 2022 onwards. which we can meet our target dividend of 7p
The Board, in conjunction with our independent per share to significantly lower levels compared
Offsetting the potential for lower per MW valuer, will review the discount rates used to with prior periods. The Board accordingly
revenues is the possibility of another period of calculate the NAV, particularly in light of the remains confident that the current level of
higher volatility this winter, as forecast comparatively low cost of debt secured. This dividend is well supported.
in National Grid’s recently published Winter highlights a significant spread between the
Outlook 2021 - Early View document, which cost of debt and equity available to the With the issue of the Intergovernmental
combined with the commissioning of a large Company, as well as the falling hurdle rate of Panel for Climate Change (IPCC) Report in
number of new BESS projects within the revenues at which the company covers its August 2021 and the early responses from
Company, many of them in Q1 2022, offers the dividend, which suggests lower risk from its the UK Government, it is clear that there is the
Company a potentially healthy dividend cover merchant operations. This review will be appetite to accelerate the deployment of
going into 2022. undertaken during 2021. renewables in the UK – especially offshore wind
which is continuing to increase substantially.
Perhaps the most exciting development in the COVID-19 The growing role for batteries in providing
Company is the closing of the recently We commented on COVID-19 in the Interim grid balancing for this additional intermittent
announced debt facility. This facility enables Report and Accounts in 2020. It is pleasing generation supports our investment thesis
the Company to achieve a significantly lower to be able to paint a very different picture 12 of rising future demand for power storage
weighted average cost of capital. While this months later. infrastructure.
supports the growth in NAV, it also supports
the Manager’s core efforts to reduce the hurdle First, demand for power has recovered and may
level of revenues which it needs to earn from even be showing signs of growth as we migrate John Leggate CBE FREng
merchant sources to cover the dividend to to electric vehicles and use more computing Chair
levels that reflect rarely seen low levels of power as a nation. This, combined with higher Date: 17 September 2021
intraday power price volatility, de-risking as commodity prices (natural gas and carbon in
much as possible the downside risks for particular) and a rising percentage of
investors. We look forward to providing more renewables, is starting to unlock the much-
information on the implications of the debt anticipated healthy backdrop for energy
raise in coming quarters. storage. This, combined with higher commodity
prices (natural gas and carbon in particular) and
Fundraising a rising percentage of renewables, is starting to
During the period, the Company did not raise unlock the much-anticipated positive strategic
any equity funds. backdrop for energy storage.
However, just after the end of the period the The ending of lockdowns has also meant that
Company repaid £7m of the Power Bond to site and construction operations are back to
an institutional investor and raised £100m in normal.
equity through the issue of 89.3m new shares
at a price of 112p, a premium of 5% to the There have been negative impacts, however,
prevailing NAV at the time. The equity issue was that we are monitoring. The most significant
significantly oversubscribed and a scaling back are rising costs in areas like shipping, supply
exercise was undertaken to ensure the chain impacts and insurance. We do not expect
Company maintains capital discipline and these to persist indefinitely however, and there
minimises cash drag. has been no material impact to date.
Net Asset Value (NAV) Dividend
In the first half of 2021, the NAV increased 6.93p Dividend cover in H1 2021 was 1.62x with 0.24x
from 102.96p to 109.89p. This is the result of a of this being derived from locked box income
combination of factors, most significantly the from acquisitions completed in Q1 2021.
Gresham House Energy Storage Fund plc (GRID) 4
Investment
Manager's Report
Gresham House Asset Management Limited (GHAM) is wholly owned
by Gresham House plc (GH), an AIM-quoted specialist alternative
asset manager. GH provides funds, direct investments and tailored Ben Guest
Managing Director,
investment solutions, including co-investment across a range New Energy
of highly differentiated alternative strategies. GHAM’s expertise
includes strategic public equity, private equity, forestry, new energy,
housing and other infrastructure.
During H1 2021, five operational projects It remains the ambition of the Manager to As previously reported, planning laws have
were added, contributing a further 110MW in connect all the projects in the tables above changed in Great Britain, allowing projects of
operational assets. These projects are listed as during 2022, or in Q1 2023 using a combination greater than 50MW and the Manager is pleased
13 to 17 in the investment portfolio table. of the £220m in equity raised since last to report that it is taking advantage of this
November 2020 and the £180m debt facility change, with, currently, three projects which
Tynemouth, Nevendon and Port of Tyne added just secured. are greater than 50MW in size.
70MW to what was previously a 50MW portfolio
of EFR contracted projects, added through the It is anticipated that the total cost of The Manager is now considering its pipeline
acquisitions of Glassenbury and Cleator in 2019. acquisition and commissioning projects will fall for 2023 and beyond as the current suite
meaningfully, as previously disclosed, of projects head into construction with
The two remaining additions included the 10MW compared with projects acquired prior to the completion expected in 2022. The Investment
extension to the Glassenbury project in Kent, granting of the change in Investment Policy in Manager remains confident of its ability to grow
known as Glassenbury B, and Byers Brae, a November 2020 which allows the Company to its pipeline and to maintain the growth of the
30MW project, and our first in Scotland, located take construction risk with capital equivalent Company. This is despite some evidence in the
near Livingston. to 10% of the Company’s Gross Asset Value market of increasing developer premiums as
(GAV). new participants enter the market.
5 Gresham House Energy Storage Fund plc (GRID)
Interim Financial Additional
Report Statements Information
Investment portfolio
Existing assets Location Capacity Battery Site type* Commissioning Ownership status
(MW) size status
(MWh)
1. Staunch Staffordshire 20 2.9 Battery and generators, Operational 100% owned
0.5MW import
2. Rufford Nottinghamshire 7 9.5 Battery and generators, Operational 100% owned
symmetrical
3. Lockleaze Bristol 15 22.1 Battery, symmetrical Operational 100% owned
4. Littlebrook Kent 8 6.3 Battery, symmetrical Operational 100% owned
5. Roundponds Wiltshire 20 25.8 Battery and generators, Operational 100% owned
16MW import
6. Wolverhampton West Midlands 5 7.8 Battery, symmetrical Operational 100% owned
7. Glassenbury Kent 40 28.2 Battery, symmetrical Operational 100% owned
8. Cleator Cumbria 10 7.1 Battery, symmetrical Operational 100% owned
9. Red Scar Lancashire 49 74.3 Battery, symmetrical Operational 100% owned
10. Bloxwich West Midlands 41 46.6 Battery, symmetrical Operational 100% owned
11. Thurcroft South Yorkshire 50 75.0 Battery, symmetrical Operational 100% owned
12. Wickham Suffolk 50 74.0 Battery, 40MW import Operational 100% owned
13. Tynemouth Tyne and Wear 25 12.5 Battery, symmetrical Operational 100% owned
14. Glassenbury Kent 10 10.1 Battery, symmetrical Operational 100% owned
Extension
15. Nevendon Basildon 10 5.7 Battery, symmetrical Operational 100% owned
16. Port of Tyne Tyne and Wear 35 22.6 Battery, symmetrical Operational 100% owned
17. Byers Brae West Lothian 30 30 Battery, symmetrical Operational 100% owned
18. Enderby Leicestershire 50 50 Battery, symmetrical Target COD: Q1 2022 100% owned
19. West Didsbury Manchester 50 50 Battery, symmetrical Target COD: Q1 2022 100% owned
20. Melksham Wiltshire 100 100 Battery, symmetrical Target COD: H1 100% acquired subject to
2022** satisfaction of conditions
21. Coupar Angus Scotland 40 40 Battery, symmetrical Target COD: Q1 2022 100% acquired subject to
satisfaction of conditions
22. Arbroath Scotland 35 35 Battery, symmetrical Target COD: Q1 2022 100% acquired subject to
satisfaction of conditions
23. Penwortham Preston 50 50 Battery, symmetrical Target COD: H2 2022 100% acquired subject to
satisfaction of conditions
24. Grendon Northamptonshire 100 100 Battery, symmetrical Target COD: H2 2022 100% acquired subject to
satisfaction of conditions
Total 850 885.5
*Note: a symmetrical battery system has equal import and export capability to the grid; this increases the level of services the site is able to operate.
**While the Melksham project is expected to have been completed in Q1 2022, it is becoming likely that National Grid will not be in a position to connect this project until Q2 2022, hence the
change from Q1 to H1 compared with previous reports. All other projects scheduled to complete in Q1 2022 remain on track.
Pipeline summary (as at 30 June 2021)
Pipeline projects Location Capacity Battery size Site type Commissioning status
(MW) (MWh)
25. Monet's Garden North Yorkshire c.50 c.50 Battery, symmetrical Target COD: H2 2022
26. Lister Drive Merseyside c.50 c.50 Battery, symmetrical Target COD: H2 2022
27. Project E2 West Yorkshire 150 150 Battery, symmetrical Target COD: H2 2022
28. Stairfoot North Yorkshire 40 40 Battery, symmetrical Target COD: Q1 2022
29. Project B West Yorkshire 87 87 Battery, symmetrical Target COD: H2 2022
30. Project Y York 50 50 Battery, symmetrical Target COD: H2 2022
Total c.427 c.427
Gresham House Energy Storage Fund plc (GRID) 6Portfolio
21 22
Acquired Pipeline
17
Operational
16
13 Pipeline
8
25
30
9
23 29
28
19 11
26
2
1
6 18
10
27
12
15
3 4
20
5
7 & 14
7 Gresham House Energy Storage Fund plc (GRID)Interim Financial Additional
Report Statements Information
Fund and portfolio performance
H1 2021 portfolio asset revenue Revenue (£m) Share of total
The Portfolio has performed well in the first half
operating revenue
of 2021, generating net earnings for dividend
(%)
cover of £19.7m resulting in dividend cover
in the Company of 1.38x, excluding lockbox Firm Frequency Response FFR 0.62 2.5%
income. Dividend cover at this level is gratifying,
given that much of capital raised in November
Enhanced Frequency Response EFR 5.25 21.0%
2020 is still being deployed (see further below).
The Company therefore remains on track to Dynamic Containment DC 16.18 65.0%
distribute 7.0p per Ordinary Share in 2021 and
Frequency Response Total 22.04 88.5%
anticipates that dividends will be fully covered in
2021. The latter is in spite of the further £100m Trading 1.36 5.5%
in equity raised in July, committed to projects
Capacity Market 1.53 6.0%
already that are scheduled to commission
during 2022. The Company paid, on 30 July Operating revenues from assets owned 24.93
(declared ex-dividend before the close of the
last fundraising) 1.75p per share for the period
from 1 April to 30 June 2021, resulting in total Meanwhile, in terms of construction As mentioned earlier in this section, while the
dividends for the half year of 3.5p per share. programmes, work is set to start in earnest at Melksham project’s construction is scheduled to
all sites in September 2021. For completeness, complete in Q1 2022, National Grid has indicated
The Ongoing Charges Figure (OCF) for the Fund this applies to the 275MW announced which that it will not be possible to secure a winter
for the year to 31 December 2020 was 1.26%, committed the £120m raised in November 2020 (defined as the period between winter clock
which we believe is lower than comparable (Enderby, West Didsbury, Melksham, Coupar changes) outage and so this project may not be
listed funds in the market. For the six-month Angus and Arbroath) and 40MW (Stairfoot) commissioned until Q2 2022.
period ended 30 June 2021 the Ongoing of the further 240MW announced during the
Charges Figure was 1.27%. Over time the OCF recent fundraising in July 2021 in order to All other sites not included above, including
is expected to decline, driven by the rising Net commission the sites in Q1 2022. those already acquired but not operational or in
Asset Value of the Company which then drives the pipeline, are in the design and construction
a drop in incremental management fees to the evaluation phase, with the aim of finalising
Manager to 0.9% (from 1.0%) above £250m and pre-construction arrangements during the
then to 0.8% above £500m. remainder of this year.
Frequency response continued to dominate the
revenue mix, as expected given the shortage H1 2021 Portfolio Revenue Split
of BESS capacity to meet the National Grid’s
demand for this service.
Trading income generated 5.5% of revenues
in the period, and this was driven mostly
by opportunities early in the year when, as
reported in the Annual Report and Accounts for
2020, volatility reached extreme levels.
The operational uptime of our asset portfolio
at 99.4% has been strong with most sites
achieving close to their potential.
Degradation of the batteries remains modest
as a result of their application in Dynamic
Containment. However, the financial
projections have not been altered in terms of
when upgrades need to take place in order
to provide some margin of safety, which the
Manager deems appropriate as the use of
batteries is still so nascent and other factors
may yet influence degradation less favourably.
In terms of construction operations, the sites
that have been committed to for Q1 2022 (or
H1 2022 in the case of Melksham) have been
de-risked as much as possible in terms of long
lead items.
Gresham House Energy Storage Fund plc (GRID) 8Investment Manager's Report continued
Market update In Q3 2020, in particular, trading conditions This gradual decommissioning reduces the
Compared with the situation in mid 2020, the were challenging with demand up to 20% below amount of gas-fired generation able to behave
backdrop is much improved as the importance normal levels and gas prices at multi-decade flexibly, revealing the true underlying volatility in
of BESS’ role in providing flexibility has become lows, depressing intraday peak power prices supply and demand imbalances as renewables
increasingly clear. This is reflected in the as demand was being met by zero marginal roll out further. This is starting to be reflected
analysis below. cost renewables or very low-cost gas fired in higher power prices and is further supported
generation (due to the low gas prices). by rising electricity demand for the first time in
There are three key trends that we follow in the over a decade.
market today: The biggest challenge however was the
consistent use by National Grid of gas-fired iii) Total installed capacity of BESS
i. Developments in the frequency response generation to balance supply and demand,
market, in terms of demand and innovation rather than batteries, which are a cheaper Total installed capacity of BESS has increased,
and more carbon-efficient solution. The but it is proving a slow process as it takes
ii. The trading backdrop through evaluation
environment in 2020 highlighted the need time to develop these sites. As such, installed
of demand and the generation mix
for energy storage as this use of gas fired capacity has increased from c.1.1GW at the
iii. Total installed capacity of BESS systems generation in the Balancing Mechanism (to start of 2021 to c.1.3GW today and is expected
in the UK balance supply and demand in each half hourly to increase to c.1.5GW by the end of 2021. While
trading period) proved very expensive to the end this is a significant percentage increase, it is
Taking each of these in turn: consumer and wasteful of renewable energy, from a low base and lags the deployment of
which was curtailed in record quantities. renewables. As a result, BESS installations are
i) Frequency response market not keeping up with the needs of the system.
This environment also catalysed the An indicator of this is the continued rise in the
This market has evolved very significantly, decommissioning of gas-fired generation underlying trend in the system balancing costs
with overall demand almost 1GW higher than with the Calon Energy Ltd fleet going into as batteries are still mostly used for frequency
it was this time last year, thanks to the launch administration. Sutton Bridge, one of the response and more expensive options remain
of Dynamic Containment in October 2020. three sites in the Calon Energy fleet portfolio the norm for National Grid in terms of what sort
The industry also has Dynamic Modulation and of three with 850MW of capacity, is being of generation they rely on to provide reserve
Dynamic Regulation services to look forward decommissioned despite entering operations capacity and flexible generation.
to which are expected to launch in H2 2021. as recently as 1999.
It is also important to note that Enhanced
Frequency Response contracts will expire
and will not be replaced (200MW) and Firm National Demand (MW, monthly averages)
Frequency response or FFR will be gradually 45,000
phased out as new services bed in. Overall 40,000
demand is expected to increase although 35,000
demand is also seasonal with greater demand in 30,000
the summer months.
25,000
20,000
Another important development in this
15,000
marketplace is that four-hourly contracting
10,000
will begin in September this year. As such,
5,000
demand will not just be seasonal but also vary
intraday, with evening demand being lower. This 0
Jul-20
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is likely to lead to saturation of the night-time
frequency response market first. As we see
this happen, we will be on alert to favour trading
activities for the first time.
BSUoS (GBP/MWh)
Despite the gradual saturation of the frequency
7.0
response market over the next 12 to 18 months,
we are excited about the market migrating 6.0
to its long-term positioning by providing half 5.0
hourly energy supply and demand balancing 4.0
through batteries being traded in the Balancing 3.0
Mechanism or the wholesale market.
2.0
1.0
ii) Trading outlook 0.0
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It is worth reflecting on the importance of
events in 2020 that has led to the improved
trading backdrop today.
9 Gresham House Energy Storage Fund plc (GRID)Interim Financial Additional
Report Statements Information
Valuation Most of the increase in the NAV per share The key changes in the valuation bridge below,
NAV per share has risen from 102.96p per is driven by the revaluation of recently over and above the changes seen in the NAV
Ordinary Share at 31 December 2020 to 109.89p commissioned projects, while a net per share bridge, are from the acquisitions that
per Ordinary Share at 30 June 2021.This improvement in forecasts, driven by a recovery have taken place this year. Modelling of further
equates to a NAV Total Return (i.e. including in revenue assumptions following a drop in 2020 tax efficiencies available to the portfolio offset
dividends) of 10.03% in the six-month period. also contributed positively, despite the impact the decrease in value from higher tax rates.
of higher tax rate assumptions following the Inflation assumptions were reduced slightly
Government’s last Budget. from 2030 with the largest impact being on
revenue expectations in outer years.
NAV (p/Share) bridge from 31 December 2020 to 30 June 2021
112
110 (0.56)
108 4.97
p/Share
106 (3.50)
4.74
1.61 109.89
104
(0.21) (0.13)
102
102.96
100
NAV @ 31Dec20
rollforward, third party
Debt costs
NAV @ 30Jun21
Change in NPV due to
Change in NPV due to
Dividends
Transaction fees
Net Fund and SPV
revenue forecasts and
Change in NPV due to
working capital
other assumptions
inflation rate
revaluations
new project
NAV/Share Increase Decrease
Change in investment
Change value from
in investment value31from
December 2020 to
December 30 June
2020 2021 2021
to June
£330m
£320m (£1.0m)
£18.5m
£310m £1.3m
(£4.2m)
£12.1m (£2.0m)
£300m (£3.5m)
£290m £17.3m
£280m £322.5m
£270m
£35.0m
£260m
£250m
£249.0m
£240m
Additional investment
Cost assumptions
Change in tax
Roll forward
Change in inflation
Change in SPV working
Revenue forecasts
Change in GHESH
Valuation at 31/12/2020
New transactions to FV
Valuation at 31/12/2021
assumptions
working capital
rates
at cost
capital
Valuation Increase Decrease
Gresham House Energy Storage Fund plc (GRID) 10Board and
Investment Team
Investment Team
Ben Guest Bozkurt Aydinoglu Gareth Owen Rupert Robinson Stephen Beck
Managing Director, Investment Director, Investment Director, Managing Director, Finance Director,
New Energy New Energy New Energy Gresham House Asset Real Assets
Management Limited
Ben has 26 years of Bozkurt dedicated the Gareth was a Partner Stephen has 25 years
investment experience, early part of his career at Hazel Capital (now Rupert is the of industry experience
Ben’s expertise to funding and advising Gresham House New Managing Director and is a law graduate
spans the investment companies in the Energy) and has over of Gresham House and Barrister and was
spectrum, across telecommunications 18 years’ experience Asset Management called to the Bar in 1996.
infrastructure, public and technology executing structured Limited and has 30 He is also a Fellow of the
equities and venture industries, whilst in roles transactions across a years’ experience in Institute of Chartered
capital. at Nomura, Salomon variety of sectors. asset management and Accountants of England
Brothers, Bowman wealth management, and Wales and qualified
Ben is responsible for Capital and Deloitte & Before Hazel Capital, focused on product with Pricewaterhouse-
the origination and Touche. Gareth worked at innovation, investment Coopers.
execution of investment Barclays Natural management, business
opportunities at In 2002, Bozkurt Resource Investments, development, banking Within Gresham
Gresham House, cofounded and built a captive private equity and wealth structuring. House, he leads an
alongside ongoing New Energy Finance fund investing in the in-house finance team
portfolio management. (NEF), which became the natural resource and Rupert was previously managing the New
leading provider of data, renewable energy CEO and CIO of Energy, Renewables,
Ben currently serves research and analysis to sectors. Schroders (UK) Private Commercial Forestry
as a Director of over 40 investors in the global Bank and head of private and Housing strategies.
companies and until cleantech industry. Prior to this, Gareth clients at Rothschild Prior to this, Stephen
recently was the Non- NEF was acquired by worked in the Structured Asset Management worked at E.ON,
Executive Chairman Bloomberg in December Capital Markets divisions Limited. where he held a
of Oxis Energy, a UK 2009. of Barclays Capital variety of financial
advanced battery power and Deutsche Bank, and commercial roles,
company. handling the acquisition ranging from leading
and disposal of various large finance teams,
asset-based companies. developing power
station projects,
M&A transactions
and working with HM
Government delivering
low carbon solutions.
11 Gresham House Energy Storage Fund plc (GRID)Interim Financial Additional
Report Statements Information
The Company has a Board of four Independent The Board’s requirements for vacancies on The Board has been in situ since the Company’s
Non-Executive Directors. the Board are set with reference to objective IPO in November 2018. While it is too early to
criteria and promote diversity of gender, social be considering formal succession planning
The Board has 25% female representation. The and ethnic backgrounds, cognitive and personal for existing Directors, the Board will focus on
Board has also adopted a formal diversity policy strengths. this matter further as part of its annual Board
and considers diversity on the Company’s Board Evaluation process from 2021 onwards.
as an important supplement to the Board’s Further, the Board reviews, at least annually,
existing skills, experience and knowledge. its effectiveness and its combination of
skills, experience and knowledge. The Board
All appointments to the Board are, and will conducts an externally facilitated effectiveness
continue to be, subject to a formal, rigorous and evaluation every three years, with its first such
transparent procedure as required by the AIC evaluation taking place during 2021.
Code.
Board
John Leggate, CBE FREng Catherine Pitt David Stevenson Duncan Neale
Chair and Independent Non- Chair of the Nominations Chair of the Remuneration Audit Committee Chair and
Executive Director Committee and Independent Committee and Independent Independent Non-Executive
Non-Executive Director Non-Executive Director Director
John is highly experienced as an
energy sector executive and is Cathy is a legal adviser who has David is a financial journalist Duncan is a CFO and Finance
a venture investor in the ''clean specialised in the investment and commentator for a Director with over 20 years
tech'' and digital technologies. company sector for over 20 number of leading publications of commercial experience
John has significant board years. Cathy is currently a including The Financial Times working for both publicly
experience and is currently on consultant partner at CMS, a (the Adventurous Investor), listed and privately-owned
the board of cyber security firm top 10 global law firm. Cathy Citywire, and MoneyWeek. He companies. Duncan is a Fellow
Global Integrity in Washington was appointed to the Board on is also Executive Director of of the Institute of Chartered
DC and is a senior advisor in the 1 March 2019. the world's leading alternative Accountants and qualified with
energy sector to a “blue chip” finance news and events Price Waterhouse in London.
international consultant. John Significant interests: Cathy is a service www.altfi.com, which Duncan was appointed to the
was appointed to the Board on Consultant and former Partner focuses on covering major Board on 24 August 2018.
24 August 2018 at CMS Cameron McKenna trends in marketplace lending,
Nabarro Olswang LLP and a crowdfunding and working Significant interests: Duncan
Significant interests: John Director of Baillie Gifford UK capital provision for small to is a Trustee of the Cambodian
is a Director of Flamant Growth Trust PLC. medium sized enterprises as Children’s Fund UK and a
Technologies and Global well as www.ETFstream.com. Director of DJN Consultancy
Integrity, Inc. David was appointed to the Limited.
Board on 24 August 2018.
Significant interests: David is a
Director of Aurora Investment
Trust plc; 321 Publishing and
TV Limited; Altfi Limited;
Altfi Data Limited; Bramshaw
Holdings Limited; ETF Stream
Limited; Planet Sports Rights
Limited; Rocket Media LP;
The Secured Income Fund plc;
Stockmarkets Digest Limited;
and Windhorse Aerospace
Limited.
Gresham House Energy Storage Fund plc (GRID) 12Directors' Report
The Directors present the Interim Report and Accounts of the
Company for the period ended 30 June 2021.
The Directors during the period, including their appointment dates, John Leggate, CBE FREng
are set out in the Board of Directors summary on page 12. Non-Executive Chair
Company Performance available and the ability of the underlying All Ordinary Shares entitled to receive dividends
The Directors have reviewed the performance investments to generate income to the and interim dividends have been paid by the
of the Company throughout the period. Details Company to ensure the targeted dividend Company, as shown in the table below. No final
of the performance of each investment owned payments can be paid to investors. The Board dividend has been or will be declared, but the
by the Company are included the Investment constantly monitors these financial risks. Company’s dividend policy of paying four interim
Manager’s Report on page 5. dividends will be tabled for approval at each
At the present time, the Company and its annual general meeting.
The Directors and Investment Manager have underlying investments are subject only
developed several tools to review ongoing to £8m bonds as financial leverage. Following Dividends are not recognised in the financial
performance. These include ongoing monthly the successful debt raised these bonds will be statements of the Company until paid.
and quarterly dashboards detailing the redeemed. The Company has the ability to
performance of each investment in relation assume up to 50% of gearing. The current The results of the Company are disclosed in the
to the individual income streams expected facility is anticipated to result in 25-30% Investment Manager’s Report on page 5 of this
of each investment and performance against gearing once fully drawn. Interim Report and Accounts.
costs. As the Company deploys capital raised
the Directors have a focus on the underlying Share capital
investment model for each new investment to At the period end, the Company had in issue
ensure it meets the Investment Objectives of 348,556,364 Ordinary Shares. There are no
the Company. other share classes in issue. All shares have
voting rights; each Ordinary Share has one vote.
The Directors are satisfied that underlying
performance is being developed in line with Period in Announcement Ex-dividend Payment Amount Total amount
expectations: the rollout programme of new relation to date date Date per
investments and upgrades and extensions of which dividend Ordinary
investments acquired at IPO is continuing to was paid Share
progress well and has ensured an increasing 1 October to 19 February 2021 4 March 2021 26 March 2021 1.75p £6,099,736.37
level of operational performance throughout 31 December
2021 so far, which is summarised within the 2020
Chair’s Statement on page 3.
1 January to 31 28 April 2021 13 May 2021 4 June 2021 1.75p £6,099,736.37
Financial Risk Management March 2021
The Board believes that the main financial
risks of the Company relate to the requirement 1 April to 30 1 July 2021 8 July 2021 30 July 2021 1.75p £6,099,736.37
to ensure the capital commitments of the June 2021
Company are commensurate with the capital
13 Gresham House Energy Storage Fund plc (GRID)Interim Financial Additional
Report Statements Information
Substantial interests In accordance with FCA Listing Rules 9.8.6(R)(1), In preparing these financial statements, the
As at the date of this Interim Report and Directors’ interest in the shares of the Company Directors are required to:
Accounts, the Company had been notified of (in respect of which transactions are notifiable § select suitable accounting policies and
the following beneficial interests exceeding 3% to the Company under FCA Disclosure and then apply them consistently;
of the issued share capital, being 437,842,078 Transparency Rule 3.1.2(R)) as at the date of this § make judgements and accounting
Ordinary Shares. Interim Report and Accounts are shown below: estimates that are reasonable and
Percentage prudent;
Number Percentage
of issued § state whether they have been prepared
of of total
Number of share in accordance with international
Ordinary capital to
Ordinary issued share
Director Shares capital accounting standards in conformity with
Shareholder Shares date
the requirements of the Companies Act
Sarasin & Partners 34,852,576 7.96% Catherine Pitt 23,093 0.0053% 2006 subject to any material departures
LLP David Stevenson 18,330 0.0042% disclosed and explained in the financial
statements; and
Gresham House plc 25,857,647 5.91% Duncan Neale 13,425 0.0031%
§ prepare the financial statements on
CCLA Investment 21,814,131 4.98% the going concern basis unless it is
John Leggate 46,875 0.0107%
Management inappropriate to presume that the
Limited Total Shares 101,723
Company will continue in business.
Newton Investment 21,757,672 4.97% Directors’ responsibilities
Management The Directors are responsible for preparing the The Directors are responsible for keeping
Limited Interim Report and Accounts in accordance adequate accounting records that are
Gravis Capital 21,062,210 4.81% with applicable law and regulations. sufficient to show and explain the Company’s
Management transactions and disclose with reasonable
Company law requires the Directors to prepare accuracy at any time the financial position
Close Asset 20,440,570 4.67% financial statements for each financial year. of the Company and enable them to ensure
Management Under that law the Directors are required to that the financial statements comply with the
Limited prepare the financial statements and have Companies Act 2006. They are also responsible
Schroders plc 20,200,797 4.61% elected to prepare the company financial for safeguarding the assets of the Company
statements in accordance with international and hence for taking reasonable steps for the
East Riding Pension 13,936,616 3.18% accounting standards in conformity with the prevention and detection of fraud and other
Fund requirements of the Companies Act 2006. irregularities. The Directors are responsible for
Benjamin Guest (and Under company law the Directors must not
14,383,826 3.29% ensuring that the Interim Report and Accounts,
family)
approve the financial statements unless they taken as a whole, are fair, balanced, and
Annual General Meeting are satisfied that they give a true and fair view understandable and provide the information
The Company’s second Annual General Meeting of the state of affairs of the Company and of the necessary for shareholders to assess the
(AGM) was held on 21 June 2021. All resolutions profit or loss for the Company for that period. Company’s performance, business model and
proposed to the Company’s shareholders at this strategy.
AGM were duly passed on a poll vote.
Website publication
Directors Remuneration and Interests The Directors are responsible for ensuring
Details of the gross fees paid to Directors in the the Interim Report and Accounts are made
period are set out below. available on the Company’s website. Financial
statements are published on the Company’s
Fixed salary Short term Total fixed Total variable website in accordance with legislation in the
and fees for variable pay remuneration remuneration United Kingdom governing the preparation
period from 1 period from 1 period from 1 period from 1 and dissemination of financial statements,
Jan 2021 to 30 Jan 2021 to 30 Jan 2021 to 30 Jan 2021 to 30 which may vary from legislation in other
June 2021 June 2021 June 2021 June 2021 jurisdictions. The maintenance and integrity of
£ £ £ £ the Company's website is the responsibility of
Catherine Pitt 22,500 - 22,500 - the Directors. The Directors' responsibility also
extends to the ongoing integrity of the financial
David Stevenson 22,500 - 22,500 - statements contained therein.
Duncan Neale 31,250 - 31,250 -
John Leggate 40,000 - 40,000 -
Total fixed 116,250 - 116,250 -
remuneration
Gresham House Energy Storage Fund plc (GRID) 14Directors' Report continued
Directors’ responsibilities support for the Chair and their availability to
The Directors confirm to the best of their engage with shareholders on key issues.
knowledge: The Board will review this requirement
§ the Interim Report and Accounts have during the 2021 board effectiveness
been prepared in accordance with assessment.
International Accounting Standard 34
“Interim Financial Reporting” and give a The AIC Code is available on the AIC website
true and fair view of the assets, liabilities, (https://www.theaic.co.uk/aic-code-of-
financial position and profit or loss of the corporate-governance). It includes an
Company; explanation of how the AIC Code adapts the
Principles and Provisions set out in the UK
§ the Chair’s Statement and Interim
Code to make them relevant for investment
Investment Manager’s Report include a fair
companies.
review of the development, performance
and position of the Company and a
Going Concern
description of the principal risks and
The Directors have adopted the going
uncertainties, that it faces for the next six
concern basis in preparing this Interim
months as required by DTR 4.2.7.R of the
Report and Accounts. The Going Concern
Disclosure Guidance and Transparency
Statement is detailed on page 23 of this
Rules; and
Interim Report and Accounts.
§ the Investment Manager’s Interim Report
and Note 21 to the Condensed Financial
Future Developments
Statements include a fair review of related
Future developments in the Company are
party transactions and changes therein, as
detailed in the Chair’s Statement on page 3
required by DTR 4.2.8.R of the Disclosure
and the Investment Manager’s Report on
Guidance and Transparency Rules.
page 5.
Insurance cover Post Balance Sheet Events
Directors’ and Officers’ liability insurance
Post Balance Sheets are disclosed in Note
cover is held by the Company in respect of the
23 of the Accounts on page 36.
Directors.
This Directors’ Report is approved on behalf
Corporate governance
of the Board by
The Board of Gresham House Energy Storage
Fund plc (the Company) has considered the
Principles and Provisions of the 2019 AIC
Code of Corporate Governance (the “AIC
John Leggate CBE, FREng
Code”). The AIC Code addresses the Principles
Chair
and Provisions set out in the UK Corporate
17 September 2021
Governance Code (the UK Code), as well as
setting out additional Provisions on issues that
are of specific relevance to the Company.
The Board considers that reporting against
the Principles of the AIC Code, which has
been endorsed by the Financial Reporting
Council, provides more relevant information to
shareholders.
The Company has complied with the Principles
and Provisions of the AIC Code save in respect
of the appointment of a Senior Independent
Director. The Company has not appointed a
Senior Independent Director as the Board
considered this to be unnecessary as the
function of a Senior Independent Director
is performed by all of the Directors in their
15 Gresham House Energy Storage Fund plc (GRID)Interim Financial Additional Report Statements Information Gresham House Energy Storage Fund plc (GRID) 16
Principal Risks and
Uncertainties
The Company recognises that effective risk management is critical to enable it to meet its strategic
objectives. The Company has a clear framework for identifying and managing risk, both at an operational
and strategic level. Its risk identification and mitigation processes have been designed to respond
to the changing environment in which it operates. The impact of emerging risks on the Company’s
business model are also considered and used to make informed decisions, including as to the delivery
and evolution of the Company’s strategy. The table below captures those risks that would have the most
significant adverse impact on the Company (and the underlying investments), based on their impact and/
or likelihood.
Risk area Gross impact Mitigation Net impact
1. Environmental, BESS are manufactured, The supply for battery manufacture relies on high Some aspects of this are still
Social and installed and operated with quality global partners who ensure their supply chain evolving over time, especially the
Governance the intention of driving the does not involve the use of illegally or unethically end use / recycling of BESS.
transformation to a low sourced “rare earth” materials or poor labour
carbon energy supply in the standards. However, the ability of the BESS
UK. However, the lifecycle market to drive a low carbon
ESG impact of the batteries The recycling of the BESS systems is subject to electricity system needs to be
needs to be considered and constant development and research: the importer of considered versus the other,
minimised. these batteries (not the Company) is responsible for mainly fossil fuelled, options
their disposal, but the Company will facilitate this to when considering the overall ESG
ensure low environmental impact. impact of BESS.
2. Emerging business Adverse changes by The Company’s investments enjoy several different Battery energy storage is a
model and impact on National Grid in relation income streams ranging from Balancing Mechanism, versatile asset, and it can perform
revenue streams to services contracted Capacity Payments, Firm Frequency Response, a variety of roles to manage risk.
by them may reduce the TRIADs and Dynamic Containment (soft launched in
size / scope of income October 2020) as contracted services to National Grid: There is also the potential to
earning opportunities to the the Company’s investments are able to change which “revenue stack” and gain multiple
Company’s investments. income streams are contracted and ascertain the revenue streams from different
most advantageous on any given time period. services.
Due to the decommissioning of other carbon intensive
options available to National Grid for managing these
services, BESS is expected to form an integral part of
transforming the electricity sector in the UK.
17 Gresham House Energy Storage Fund plc (GRID)Interim Financial Additional
Report Statements Information
Risk area Gross impact Mitigation Net impact
3. Operational and The BESS do not perform The Company underwent a programme of upgrades The Company has substantial
performance risk in the manner expected to the Seed Assets to optimise these assets and has experience managing BESS
(i.e. degradation in ensured that new assets are designed in a flexible assets and works with leading
performance) or are not manner. The battery duration is also considered to asset optimisers to ensure assets
optimised in the best ensure fullest flexibility for future operation. are designed and operated as
commercial manner to expected.
capture revenue streams. Design and commissioning testing ensure all relevant
planning and HSE conditions are met. Fire risk, Health and Safety performance is
Performance may not in particular, is carefully assessed and sites are rigorously tested and reviewed.
meet planning or safety designed and operated to ensure this risk is as low as
requirements and result in practicable.
curtailment of operations.
The portfolio has a number of different suppliers to
The Portfolio will rely on manage risk.
contracts with suppliers
to maintain certain key
equipment: these suppliers
may fail to provide adequate
support.
4. Investment The Company invests in The Company does not invest in speculative project Limited exposure to the
in development projects via loans before development. Any investments in projects are Company due to careful vetting
and construction the projects are owned by carefully assessed and vetted by the Investment and management of project
projects the Company. There is a risk Manager: they will have secured certain minimum development activities and
that the project does not requirements and are expected to be ready to proceed commercial arrangements
complete, and the Company to construction in a relatively short timescale. with the Manager to manage
incurs financial loss. construction risk.
The Company is usually investing in the advance
The Company invests in purchase of equipment which has inherent value and
construction projects. can be used on other projects if needed.
There is a risk of financial
loss or delay.
5. Emerging The Company invests in The Company utilises proven technologies with Falling cost of batteries may
technology battery storage projects: associated Tier 1 supplier warranties and performance reduce future income streams if
a new or disruptive guarantees. new entrants have significantly
technology might adversely lower marginal costs. However,
impact on the Company’s Whilst the cost of these batteries is expected the Company will also benefit
investments. to continue to fall and incremental performance from lower costs and the valuation
improvements accrue in future, it is unlikely that a model assumes continuing cost
completely new and reliable technology will appear reductions for replacement
during the lifetime of these batteries. assets over time.
The Company continues to review available
technologies.
6. COVID-19 The pandemic can impact Energy was, and remains, a key industry in the UK and Limited overall impact expected in
pandemic adversely both on delivery the construction of these assets continues. Remote the future.
of new battery capacity commissioning with overseas technical experts
projects in construction was utilised to ensure project commissioning could
through labour travel continue.
restrictions or inability
to source key materials / Shipping costs and capacity to deliver equipment for
parts from overseas due new projects remains a concern, many components
to shipping problems or are sourced overseas and the Investment Manager
production shortages. works closely with key providers to ensure key
components are ordered in advance.
Gresham House Energy Storage Fund plc (GRID) 18You can also read
