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Gresham House Energy Storage Fund PLC on Monday said it improved its net asset value per share in 2022 and expects further improvement in the first quarter of 2023. The utility-scale battery energy storage system investor reported a net asset value per share of 155.5 pence at December 31, up 33% from 116.86p at the same time a year prior. The company’s total NAV return in 2022 was 39%. Gresham said the increase in NAV was largely driven by the revaluation of new projects as its pipeline moved closer to becoming, or became, operational during the year. It also noted growth in third-party revenue forecasts and the addition of new capacity market contracts. Gresham said its NAV in the first quarter of 2023 is set to benefit from incremental project revaluations worth 3.3p per share. Gresham said earnings before interest, tax, depreciation and amortization for the underlying portfolio exceeded £48 million in 2022, representing a like-for-like increase of 20% against the previous year. The firm paid out 7.00p per share in 2022 and said on Monday it expects to pay a dividend of 7.35p per share in 2023. Looking forward, Gresham expects its operational capacity to reach 1.0 gigawatts in 2023 and around 1.5 gigawatts in 2024. At the end of 2022, its operational capacity stood at 550 megawatts. Fund Manager Ben Guest said: ‘We are pleased with the progress made in 2022, positioning [Gresham House Energy Storage Fund] to deliver further income and capital growth in the years ahead. The investment opportunity is skewed to capital growth as new projects continue to commission. We expect our rising operational capacity in 2023 and 2024 to continue to drive Grid’s NAV per share and earnings capacity meaningfully higher.’ Shares in Gresham House Energy Storage Fund were down 0.9% at 159.07p on Monday morning in London. Copyright 2022 Alliance News Ltd. All Rights Reserved.
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