UK BESS fund Harmony Energy Income Trust (HEIT) has progressed the sale of its portfolio to the second round, a process which a source told us raises questions around listed funds’ role in the BESS industry.

UK battery energy storage system (BESS) investment fund Gresham House Energy Storage Fund has announced its half-year results to the end of June 2024.

‘Not all providers are equal’ and using different ones for the same project has not proved problematic when it comes to BESS project augmentation, an executive from investment manager Gresham House said.

We hear from Gresham House and optimisers Capalo AI and Flower on the BESS industry’s move away from merchant-only models towards more contracted revenues.

Octopus Energy’s head of flexibility discussed its tolling deal with Gresham House for nearly 1GWh of BESS projects, including how they will fit into its VPP portfolio and whether their energy market activity could change under its control.

Utility Octopus Energy will pay Gresham House Energy Storage Fund (GRID) a fixed fee to use half of its UK BESS portfolio, at a price which it said is ‘above the current merchant revenue stack’.

UK BESS owner-operator Gresham House Energy Storage Fund has put a 50MW/50MWh project into commercial operation in Lancashire.

Average revenues for the Gresham House Energy Storage Fund doubled from February to April this year, fund manager Gresham House said in its full year 2023 results.

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.