Company Announcements

3 November 2022

GRESHAM HOUSE ENERGY STORAGE FUND PLC

("GRID" or the "Company")

£155m Accordion Debt Facility

Gresham House Energy Storage Fund plc (LSE: GRID), the UK's largest fund investing in utility scale battery energy storage systems, is pleased to announce that it has secured £155m of incremental term debt through the Accordion arrangement contemplated under the existing senior debt facilities secured in September 2021. The interest rate remains unchanged at 300bp over SONIA while the term of the debt facility has been extended by two years. This incremental debt, together with the original £180m secured last year will be used to fund the Company's near term pipeline, as previously disclosed. GRID was advised by Jefferies International Limited and Eversheds Sutherland in relation to the raise.

John Leggate CBE, Chair of Gresham House Energy Storage Fund plc said: "This transaction demonstrates our lenders' continued support for the Company and its commitment to scale up the portfolio. GRID maintains its measured approach to leverage and this extension further optimises the Company's capital structure on attractive terms."

Ben Guest, Fund Manager and Managing Director of Gresham House New Energy, commented: "We are delighted to have secured this incremental capital which will allow us to further deploy into attractive return opportunities."

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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, Northern Ireland, and the Republic of Ireland. 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 (i) an unlevered Net Asset Value total return of 8 per cent. per annum; and (ii) a levered Net Asset Value total return of 15 per cent. per annum Gresham House Asset Management Limited is the FCA authorised operating business of Gresham House plc, a London Stock Exchange quoted 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. BESS also provide Frequency Response services to National Grid whereby batteries import and export power with the aim to keep real-time supply and demand in near-perfect balance while also protecting against unexpected outages of major power plants.