Gresham House Energy Storage Fund (GRID), one of two dedicated energy storage investment funds listed on the London Stock Exchange, has seen its Net Asset Value (NAV) per share fall £0.026 (US$0.035) as a result of COVID-19 over the first half of 2020.
According to the company’s half-year results, released 1 September, its NAV was £230 million, or £0.9816 per share. This is flat of a total return basis, and its share price return sits at 4% for the period and 15.6% since its inception. Its weighted average discount rate also remained largely unchanged at 11.1%.
GRID has paid or declared total dividends of £0.035 for January to June, which is an increase of £0.025 from the same period in 2019. It expects dividends to be fully cash covered in 2021.
The company stated that the impact of COVID-19 remained low, and despite some slowdown in connections for a couple of projects it remains optimistic.
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John Leggate CBE, chair of GRID said it was helping to meet the UK’s “challenge to rapidly expand storage capacity” over the coming years.
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