Energizing Success: Gresham House Leads the Charge in the 2023 Capacity Market Auction!🌟
In an electrifying update, the Gresham House Energy Storage Fund, the UK’s premier fund dedicated to investing in utility-scale battery energy storage systems, has just announced its triumph in the 2023 Capacity Market (CM) auction. This significant event concluded on February 20, 2024, with results that spark excitement, clearing at an unexpectedly high £35.79/kW. 🚀
With a strategic win, Gresham House has secured one-year extensions for 13 of its cutting-edge projects, boasting a combined derated capacity of 90.491MW. This achievement isn’t just a number; it’s a milestone that forecasts an additional revenue stream of £3.2 million from October 2024 to September 2025. 💰
But there’s more to this victory than meets the eye. In the intricate world of asset valuation, CM revenues hold a special place. Only those contracts in hand at the valuation date count, making these new contracts a lucrative bonus over existing revenue projections and a boost to the Net Asset Value (NAV). The anticipation builds as the NAV benefit from these contracts will be officially recognized on March 31, 2024. 📈
Gresham House Energy Storage Fund manager, Ben Guest, shares his enthusiasm, “We are thrilled with the outcomes of the latest annual Capacity Market auction and the positive impact we anticipate on our NAV from March 31, 2024.” His words resonate with confidence and a vision for the future. 🌱
Ben highlights the incredible versatility of battery energy storage systems (BESS), capable of adapting swiftly through software adjustments to tap into diverse revenue opportunities—ranging from secured contracts like the CM auction results to dynamic merchant or trading revenues—all without the need for physical alterations. 🌍
As we celebrate these achievements, we’re reminded of the power of innovation and flexibility in shaping a sustainable future. Gresham House Energy Storage Fund is not just storing energy; it’s powering potential, proving that with the right strategy, the future of energy storage is bright and boundless. ⚡
#GreshamHouse #EnergyStorage #CapacityMarket #SustainableInvesting #RenewableEnergy #BatteryStorage #UtilityScale #Innovation #FutureOfEnergy
Credit: [Image: Gresham House]