Company valuations and developer premiums for project sales have come down in the UK market amidst rising financing costs and plummeting revenues.

Gresham House has released annual accounts for the first half of 2023, showing lower H1 2023 revenues and a drop in share value.

Firm Frequency Response (FFR) auction prices in the UK have hit their lowest level since 2019 as market saturation begins to take effect, market analytics platform Modo Energy said.

Delays in the growth of Britain’s battery storage sector helped boost Gresham House Energy Storage Fund’s portfolio performance.

Energy storage funds managed by UK-based Gore Street Capital and Gresham House increased their net asset value (NAV) per share in 2022, but by very different rates.

Battery storage projects totalling 627MW were awarded contracts in the UK’s 2023-24 Capacity Market auction which concluded yesterday (14 February), nearly a two-thirds jump on last year’s.

China-based battery cell OEM CATL and UK energy storage investor Gresham House have entered into a long-term agreement for the supply of 7.5GWh of BESS, potentially rising to 10GWh.

Ireland’s national planning body has approved a €140 million battery storage facility proposed by Strategic Power Projects in County Kildare.

Gresham House Energy Storage Fund has seen its net asset value increase by 53.5% to £785 million (US$879 million).