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").

26 May 2026

Gresham House Energy Storage Fund plc

(GRID or the Company)

Conclusion of new project financing enabling construction to commence on 397MW/794MWh

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 completion of project financing for the first three pipeline projects, Cockenzie, Monet's Garden, and Elland 2, amounting to 397MW of new capacity at a 2-hour duration.

Senior level project financing

Separate project finance facilities have been signed for each of the first three pipeline projects, Cockenzie (240MW/480MWh), Monet's Garden (57MW/114MWh), and Elland 2 (100MW/200MWh) securing attractive senior level debt covering up to 70% of the individual project costs.

The senior debt financings comprise loans totalling £141mn across the three projects from a syndicate of four lenders, each being a previous lender to the Company's portfolio. The facilities each have a repayment profile of at least 15 years, and the legal maturity is 10 years. The facilities are priced at 250bps over SONIA throughout the construction and operational phase of the assets.

Alongside equity contributions and the previously announced Export Credit agreements, these senior debt facilities fund the full cost of the three projects. Construction will now start in full on these assets for planned connections in 2027.

This combination of financing provides a template for the future growth of the Company as it can be repeated for further pipeline projects.

In addition to the £141mn loan facilities across the three projects, the Company has also put in place Debt Service Reserve Facilities (DSRF) totalling £6mn and short-term VAT facilities totalling £8.5mn to improve working capital during the construction phase.

The Company will remain below the 50% of NAV leverage limits in its investment policy (equivalent to c.30% of GAV today) with the inclusion of these new facilities and will remain below these limits when rolling out this template for further pipeline assets.[1]

2026 Capital Markets Day Webinar

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

Register to attend here:

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

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

"These milestone transactions mark the beginning of our new pipeline growth. Not only do they enable the construction of the first 397MW of projects, but these deals, combined with the export credit agreements, set out a template for how we can fund further growth. We thank all our lenders, advisors, and suppliers for their hard work in reaching this point. Now that funding is obtained and construction can start in full, we look forward to seeing the benefit of these assets come through in the valuations and future earnings potential of the portfolio."

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

"With funding now fully secured for these projects, we look forward to starting construction immediately. We have significantly built out our team recently to ensure that execution is smooth. For our transactions team, the focus now shifts to the funding of the next wave of pipeline projects, to be discussed further as part of the Capital Markets Day on 28^th May."

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.