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Gresham House Energy Storage Fund said it expected net asset value growth within the upper end of its target range after reporting that annual revenue topped its forecast as portfolio investments bolstered growth.
For the full year to 31 December 2021, 'revenue of the asset portfolio was 'comfortably ahead of modelled levels and EBITDA of the asset portfolio expected to be in excess of £40m, more than doubling FY2020 EBITDA (£15.6m),' the company said.
The full dividend cover for fiscal 2022 target would in unchanged from last's 7.0 pence per share.
Looking ahead, the net asset value growth was expected to be towards the upper end of the target range of 8% to 15%, the company said.
'The outlook remains very exciting for energy storage sector investments, particularly due to the recent Contract for Difference (CfD) auction launch announcement for renewable generation projects,' the company said.
'The UK government's Department for Energy and Industrial Strategy (BEIS) expects this will result in a further 12GW in contracts, primarily for offshore wind, far in excess of the 5.5GW achieved in the 2019 round,' it added.