UK energy storage investor Gresham House ‘optimistic’ despite COVID-19 impact on share price

Share on linkedin
LinkedIn
Share on twitter
Twitter
Share on reddit
Reddit
Share on facebook
Facebook
Share on email
Email
The 49MW Red Scar battery, acquired by Gresham in January as part of its push to grow its portfolio. Image: Gresham House Energy Storage Fund.

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.

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.

To read the full version of this story, visit Solar Power Portal

Read Next

July 1, 2022
News in brief from around the world in Energy Storage.
June 30, 2022
US battery energy storage system (BESS) integrator Jupiter Power has turned its second 200MWh BESS online in Texas, bringing its total capacity in the state’s market to 450MWh.
June 30, 2022
Swiss Life Asset Managers has acquired a 50% stake in BCP Battery Holding, a company with several utility-scale battery energy storage system (BESS) developments in Germany.
June 30, 2022
Construction has begun on the first of four battery energy storage systems (BESS) totalling 200MW/200MWh from global system integrator Fluence in Lithuania.
June 30, 2022
News in brief, from another busy week for our colleagues reporting on the UK battery storage market at Solar Power Portal.

Most Popular

Email Newsletter