One of the fund’s battery energy storage system (BESS) projects. Image: Gresham House.
Gresham House Energy Storage Fund (GRID) has seen its net asset value (NAV) increase by 53.5% to £785 million (US$879 million), the London Stock Exchange-listed firm disclosed in its half year results ending 30 June 2022.
This NAV increase builds from previous results of £511 million from 31 December 2021. As well as this, the NAV total return also increased by 27.2%.
According to Gresham House, the NAV increase has been assisted by upward revaluations of projects that went from being valued at cost to a value using a net present value basis. In doing so, this reflected underlying internal rates of return (IRRs) of the projects at the time they were acquired.
This increase in projects means the Fund’s total operating capacity is now expected to reach 1GW/1.2GWh by the end…