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Gresham House Energy Storage Fund PLC on Friday reported grid connection offers for two more of its projects, but flagged a delay in meeting earnings guidance. The London-based investor in utility-scale battery energy storage systems has received ‘Gate 2’ connection offers for Lister Drive and Ocker Hill, which have estimated capacities of 57 megawatts and 240MW respectively. Both projects have passed through the UK National Electricity System Operator’s queue reform process. Lister is scheduled for energisation in July 2029 and Ocker Hill in October 2029. ‘The company continues to execute on the three-year plan, however it is now likely that the target £150m run-rate [earnings before interest, tax, depreciation and amortisation] by the end of 2027 will be delayed, to reflect the new connection offer dates,’ GRID explained on Friday. The company will update on its three-year plan and project financing, which it says ‘is progressing well’, at a capital markets day on May 28. Chair John Leggate commented: ‘We are emerging from a period of stasis in the [battery energy storage systems] market with our pipeline intact, putting us in a strong position to grow the company’s installed capacity and maintain our leadership position.’ GRID has already received connection offers for its 57MW Monet’s Garden project, due for energisation in June 2027, and 240MW Cockenzie project, in July 2027. It expects to receive a fifth connection offer for the 100MW Elland 2 project in November, with the connection date expected to be in 2027. GRID also expects to reach financial close and begin construction of Monet’s Garden, Cockenzie and Elland 2 ‘imminently’. Construction of Lister Drive and Ocker Hill is targeted in the first half of 2027. GRID shares fell 1.9% to 73.60 pence on Friday morning in London. Last month, the company posted a net asset value of 113.34 pence per share at the end of December, up 3.7% from 109.35p on-year, but down 2.0% from 115.68p at September 30. The firm attributed the on-year increase to its ‘positive actions’, alongside portfolio-generated cash and other movements. ‘This was partially offset by the negative impact from the downward movement in revenue curves, which declined further in Q4 2025,’ GRID said. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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