THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").

22 May 2026

Gresham House Energy Storage Fund plc

(GRID or the Company)

Conditional acquisition of 480MW project

Gresham House Energy Storage Fund plc (LSE:GRID), the UK's largest listed fund investing in utility-scale battery energy storage systems (BESS), is pleased to announce the signing of a Sale and Purchase agreement (SPA) for the conditional acquisition of a 480MW, and a minimum of 960MWh, battery project near Rayleigh, Essex ("Rayleigh") (the "Project").

Transaction details

Rayleigh (480MW) is being added to GRID's pipeline of projects increasing total new pipeline from 694MW disclosed under the Three-year Plan to 1,174MW.

Once built, it will be almost five times the size of GRID's currently largest operational project, Melksham (100MW) and twice the size of the two largest projects in the Three-year Plan pipeline (each 240MW).  

This project's size should lead to economies of scale, while its location is also very attractive.  Being in southern England, it is expected to benefit from negative grid charges (known as TNUoS[1] costs) for at least the first few years of its operational life as it can contribute to supply at peak times which would otherwise be sourced from further afield, reducing the burden on the network.

In a similar vein, being in Essex, the project is strategically well located to complement over 6GW of new intermittent offshore wind power from projects set to be built off the Essex, Lincolnshire and East Riding coast following the announcement of contracts awarded in this area in the latest subsidy (CfD) allocation round for renewables in February 2026.

Conditions to completion of the acquisition include the project receiving an acceptable 'Gate 2' connection offer.  The offer is expected to be received between September 2026 and January 2027 as indicated by the National Energy System Operator (NESO) under its ongoing Queue Reform process.

2026 Capital Markets Day Webinar

The Company is hosting a Capital Markets webinar at 2.00pm (BST) on Thursday, 28 May 2026 where this transaction will be discussed in further detail.  It will provide existing and potential investors with further details on the Company's progress to date on the existing Three-year Plan and its growth ambitions.

Register to attend here:

https://greshamhouse.zoom.us/webinar/register/WN_GPgaOb04SCOTzfnUQ44vMQ#/registration

Ben Guest, Manager, Gresham House Energy Storage Fund plc, and Managing Director of Gresham House Asset Management's Energy Transition division, commented: 

"Rayleigh is an exciting project for GRID in terms of its sheer size, strategic location and, of course, potential investment returns and positive expected impact on the Company's NAV per share.  This project alone would add almost 50% to the currently operational portfolio's installed capacity and greatly expands the new project pipeline already announced in our Three-year Plan.

We have significant flexibility to build this project to a minimum 2-hour, or much longer duration, and we look forward to discussing this further at our Capital Markets webinar."

ENDS

For further information, please contact:

Gresham House Energy Transition

Ben Guest                                                                   +44 (0) 20 3837 6270
James Bustin

Harry Hutchinson

Jefferies International Limited

Gaudi Le Roux                                                            +44 (0) 20 7029 8000
Stuart Klein
Harry Randall 

Peel Hunt                                                                  

Luke Simpson                                                             +44 (0) 20 7418 8900

Huw Jeremy                          

KL Communications                                                 [email protected]
Charles Gorman                                                         +44 (0) 20 3882 6644
Charlotte Francis

JTC (UK) Limited as Company Secretary                [email protected]
Ruth Wright                                                                     +44 (0) 20 7409 0181

LEI: 213800MSJXKH25C23D82

About the Company and the Manager

Gresham House Energy Storage Fund plc aims to invest in a diversified portfolio of utility-scale battery energy storage systems (known as BESS) located in Great Britain and internationally. The Company seeks to provide investors with the prospect of capital growth through the re-investment of net cash generated in excess of its target dividend in accordance with the Company's investment policy.

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

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 in this announcement 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 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 in this announcement. 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 the Company is speculative, involves a high degree of risk, and could result in the loss of all or substantially all of an investment in the Company. Results can be positively or negatively affected by market conditions beyond the control of the Company or any other person. There can be no assurance that any targeted returns will be achieved or that the Company will be able to implement its investment strategy or achieve its investment objectives. 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.

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.

Each of the Company, the Manager 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 or omissions from this announcement.

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 in this announcement 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.