THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU 596/2014) WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

29 July 2025

Gresham House Energy Storage Fund plc

("GRID" or the "Company")

Long-term floor agreements on 737MW of projects

Gresham House Energy Storage Fund plc (LSE: GRID), the UK's largest fund investing in utility-scale battery energy storage systems (BESS), is pleased to announce that long-term floor-pricing agreements ("Floor Agreements") have been executed with a third counterparty, EDF Energy Customers Limited ("EDF").

The floor agreements with EDF are all at the same floor level in £/MW terms and for more than 10 years. These will cover 100MW of currently operational projects and a further 637MW of exclusive pipeline projects.

Once all the Floor Agreements are in force for the 100MW of currently operational projects and the two-year tolling agreements with Octopus Energy over 568MW of capacity have expired, 889MW (83%) of GRID's 1072MW[1] operational portfolio will benefit from minimum annual contracted floor revenues of £40mn, while still providing exposure to the upside merchant trading opportunity above the contracted floors.

The operational portfolio's Capacity Market contracted revenues are not included in the figure above and are expected to represent an additional c.£11mn of contracted revenues in 2026.

The refinancing expected to be unlocked by the Floor and Tolling Agreements relating to the operational portfolio is key to progressing the growth laid out in our Three-year Plan, which also includes the planned augmentations and the acquisition and construction of our exclusive pipeline - once SPV-level project financing, which is separate to the operational facility refinancing, and construction contracts have been put in place. This is expected to conclude over the coming months.

John Leggate CBE, Chair of Gresham House Energy Storage Fund plc, commented:

"The Floor Agreements announced today with EDF, the UK's largest battery optimiser, mark the completion of another key milestone.

Being able to demonstrate to lenders that GRID has de-risked revenues is key to unlocking more favourable, longer-term financing terms with less onerous covenants. 

We look forward to concluding our refinancing shortly to unlock the next phase of our Three-year Plan and implementing a revised Dividend Policy."

Ben Guest, Fund Manager of Gresham House Energy Storage Fund plc & Managing Director of Gresham House Energy Transition, said:

"The Floor Agreements signed over the last month, including those announced today, significantly improve the risk profile of the Company and fundamentally reposition GRID as a business with significant minimum contracted revenue while retaining merchant upside.

As well as having secured additional Floor Agreements on the currently operational portfolio, we have ensured that the next 637MW of exclusive pipeline projects also benefit from similar terms for their Floor Agreements which will enable GRID to secure improved project financing terms on these new construction projects, once acquired.

"We are pleased to be able to demonstrate further execution against our publicly stated targets and strategy."

ENDS

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About the Company and the Manager

Gresham House Energy Storage Fund plc seeks to provide investors with an attractive and sustainable dividend over the long term by investing in a diversified portfolio of utility-scale battery energy storage systems (known as BESS) located in Great Britain and internationally. In addition, the Company seeks to provide investors with the prospect of capital growth through the re-investment of net cash generated in excess of the target dividend in accordance with the Company's investment policy.

The Company targets an unlevered Net Asset Value total return of 8% per annum and a levered Net Asset Value total return of 15% per annum, in each case calculated net of the Company's costs and expenses.

Gresham House Asset Management Ltd is the FCA authorised operating business of Gresham House Ltd, a specialist alternative asset manager. Gresham House is committed to operating responsibly and sustainably, taking the long view in delivering sustainable investment solutions.

www.greshamhouse.com

LEI number: 213800MSJXKH25C23D82

Definition of utility-scale battery energy storage systems (BESS)

Utility-scale battery energy storage systems (BESS) are the enabling infrastructure that will support the continued growth of renewable energy sources such as wind and solar, essential to the UK's stated target to reduce carbon emissions. They store excess energy generated by renewable energy sources and then release that stored energy back into the grid during peak hours when there is increased demand.

DISCLAIMERS

This announcement has been prepared for information purposes only. This announcement does not constitute a prospectus relating to the Company and does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for, any shares in the Company in any jurisdiction nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with or act as any inducement to enter into, any contract therefor. The merits or suitability of any securities must be independently determined by the recipient on the basis of its own investigation and evaluation of the Company. Any such determination should involve, among other things, an assessment of the legal, tax, accounting, regulatory, financial, credit and other related aspects of the securities.

This announcement may not be used in making any investment decision in isolation. This announcement on its own does not contain sufficient information to support an investment decision and investors should ensure that they obtain all available relevant information before making any investment. This announcement does not constitute or form part of and may not be construed as an offer to sell, or an invitation to purchase or otherwise acquire, investments of any description, nor as a recommendation regarding the possible offering or the provision of investment advice by any party. No information in this announcement should be construed as providing financial, investment or other professional advice and each prospective investor should consult its own legal, business, tax and other advisers in evaluating the investment opportunity. No reliance may be placed for any purposes whatsoever on this announcement or its completeness.

The information and opinions contained in this announcement are provided as at the date of the announcement and are subject to change without notice and no representation or warranty, express or implied, is or will be made in relation to the accuracy or completeness of the information contained herein and no responsibility, obligation or liability or duty (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the Company, the Manager, Jefferies, Peel Hunt or any of their affiliates or by any of their respective officers, employees or agents to update or revise publicly any of the statements contained herein. No reliance may be placed for any purpose whatsoever on the information or opinions contained in this announcement or on its completeness, accuracy or fairness. The document has not been approved by any competent regulatory or supervisory authority.

Any investment in Company is speculative, involves a high degree of risk, and could result in the loss of all or substantially all of their investment. Results can be positively or negatively affected by market conditions beyond the control of the Company or any other person. Any data on past performance contained herein is no indication as to future performance and there can be no assurance that any targeted or projected returns will be achieved or that the Company will be able to implement its investment strategy or achieve its investment objectives. Any target returns published by the Company are targets only. There is no guarantee that any such returns can be achieved or can be continued if achieved, nor that the Company will make any distributions whatsoever. There may be other additional risks, uncertainties and factors that could cause the returns generated by the Company to be materially lower than the target returns of the Company.

The information in this announcement may include forward-looking statements, which are based on the current expectations, intentions and projections about future events and trends or other matters that are not historical facts and in certain cases can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target", "believe" (or the negatives thereof) or other variations thereof or comparable terminology. These forward-looking statements, as well as those included in any related materials, are not guarantees of future performance and are subject to known and unknown risks, uncertainties, assumptions about the Company and other factors, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur and actual results may differ materially from those expressed or implied by such forward looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements.

Jefferies International Limited and Peel Hunt LLP, which are authorised and regulated by the Financial Conduct Authority in the United Kingdom, are acting only for the Company in connection with the matters described in this announcement and are not acting for or advising any other person, or treating any other person as their client, in relation thereto and will not be responsible for providing the regulatory protection afforded to clients of Jefferies or Peel Hunt (as applicable), or advice to any other person in relation to the matters contained herein. Neither Jefferies, Peel Hunt, nor any of their directors, officers, employees, advisers or agents accept any responsibility or liability whatsoever for this announcement, its contents or otherwise in connection with it or any other information relating to the Company, whether written, oral or in a visual or electronic format. Each of the Company, the Manager, Jefferies, Peel Hunt and their affiliates and their respective officers, employees and agents expressly disclaim any and all liability which may be based on this announcement and any errors therein or omissions therefrom.

No representation or warranty is given to the achievement or reasonableness of future projections, management targets, estimates, prospects or returns, if any. Any views contained herein are based on financial, economic, market and other conditions prevailing as at the date of this announcement. The information contained in this announcement will not be updated.