Value beginning to ‘crystalise’ for firm behind Elland Battery Energy Storage sites
The company behind two large battery storage sites in West Yorkshire has said it is seeing early signs that value is beginning to “crystalise” in its projects, as the firm saw its portfolio revenue lift.
Gresham House Energy Storage Fund is the owner of the 100MW Elland 2 battery storage project, in Calderdale, as well as its neighbouring Elland 1 site.
The company saw its portfolio revenues lift 9.5 per cent to £34.7m in the six months ending June 30, while earnings before interest, taxes, depreciation and amortisation lifted 14.5 per cent to £23.5m.
The firm also acquired or conditionally acquired over one gigawatt of new capacity within the period.
Gresham House’s Net Asset Value (NAV) – the total value of its assets – also lifted 15.8 per cent since the end of December, landing at £747.2m.
Speaking on the results, John Leggate CBE, chair of Gresham House Energy Storage Fund plc, said: "The first half of 2026 marked the transition of our Growth Plan from preparation to delivery. In the space of six months, the company acquired or conditionally acquired over one gigawatt of new capacity, fully funded the first three projects totalling 397MW and got them into construction.
“We also made solid progress with augmentations of the existing portfolio and successfully completed a trial of the Alternative Revenues strategy.
"We took each of these steps with one objective: to grow the Company's earnings and Net Asset Value and deliver tangible value for shareholders.
“Our progress in the period is reflected by the increase in the company's Net Asset Value of 15.8 per cent to 131.30p per share at 30 June 2026, up from 113.34p at 31 December 2025, an early sign of the value that begins to crystallise as projects move into construction.”
During the period, the firm also announced a joint venture with STP, which acquired 25 per cent stakes in the holding companies of Cockenzie, Monets Garden and Elland 2 at a premium to the carrying value.
Gresham House described the move as “crystallising part of the value the company had already created in acquiring and de-risking the project rights.
Gresham House said in an update that it now had 397MW of new projects acquired and under construction. Its first three pipeline projects, Cockenzie, Monets Garden and Elland 2, reached financial close in May 2026, having raised £141m of senior project finance and agreed a further £30m in export credit agency-backed facilities.
Mr Leggate added: "Battery storage is strategically vital infrastructure for the UK's energy security and operationally necessary in its transition to clean power, and GRID remains the sector's largest and most established listed owner-operator.
“The Board remains confident that the delivery of our plan will translate into tangible, sustainable and attractive total returns for shareholders."