Gresham House Energy Storage Fund plc announced that in order to give the business additional headroom in the recent lower revenue environment, the Company has amended and restated its debt facility agreement. Specifically, this includes: consent to draw all remaining funds required (up to £65 million) to complete the current construction programme, which is forecast to take operational capacity to 1,072MW/1,696MWh in 2024. amended Interest Cover and Net Debt to EBITDA covenant levels for 2024 and 2025.

The company has also decided to cancel £110 million of the undrawn debt facility taking the total size down to £225 million of which £110 million has been drawn to date. All drawn debt is fully hedged at 3.70% resulting in a blended cost of debt of 6.70%. The margin on the debt facility remains unchanged at 300bp over SONIA.