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Gresham House Energy Storage Fund PLC on Tuesday marked a ‘key milestone’ as it announced floor agreements with the ‘UK’s largest battery optimiser.’ The London-based fund investing in utility-scale battery energy storage systems said it has executed long-term floor pricing agreements with EDF Energy Customers Ltd, a wholly owned subsidiary of French-state owned Electricite de France SA. All agreements share the same floor price in terms of pound per megawatt, said Gresham House Energy Storage Fund, and run for more than 10 years. The fund added that once all the floor agreements are in force for the 100MW of currently operational projects and the two-year tolling agreements with Octopus energy expire, 889MW, or 83% of Gresham House Energy Storage Fund’s 1072MW operational portfolio will serve to benefit from minimum annual contracted floor revenue of £40 million, the fund said. It added that in this instance, it will still provide ‘exposure to the upside merchant trading opportunity above the contracted floors.’ Shares in the fund edged 0.1% lower to 79.50 pence on Tuesday afternoon in London. Gresham House Energy Storage added that the operational portfolio’s Capacity Market contracted revenues are expected to represent a further around £11 million of contracted revenue next year. ‘The floor agreements announced today with EDF, the UK’s largest battery optimiser, mark the completion of another key milestone,’ said Gresham House Energy Storage Fund Chair John Leggate. ‘Being able to demonstrate to lenders that GRID has de-risked revenues is key to unlocking more favourable, longer-term financing terms with less onerous covenants. We look forward to concluding our refinancing shortly to unlock the next phase of our Three-year Plan and implementing a revised dividend policy.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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