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REGISTERED NUMBER: 13903955 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD 1 MARCH 2024 TO 31 DECEMBER 2024

FOR

GLENDEVON ENERGY STORAGE HOLDING LIMITED

GLENDEVON ENERGY STORAGE HOLDING LIMITED (REGISTERED NUMBER: 13903955)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 MARCH 2024 TO 31 DECEMBER 2024

Page |

Company Information | 1 |

Report of the Directors | 2 |

Income Statement | 3 |

Balance Sheet | 4 |

Notes to the Financial Statements | 6 |

GLENDEVON ENERGY STORAGE HOLDING LIMITED

COMPANY INFORMATION

FOR THE PERIOD 1 MARCH 2024 TO 31 DECEMBER 2024

| Directors: | D R Weeks

| J P Hardy

| Registered office: | C/o Foresight Group Llp, The Shard

| 32 London Bridge Street

| London

| SE1 9SG

| Registered number: | 13903955 (England and Wales)

GLENDEVON ENERGY STORAGE HOLDING LIMITED (REGISTERED NUMBER: 13903955)

REPORT OF THE DIRECTORS

FOR THE PERIOD 1 MARCH 2024 TO 31 DECEMBER 2024

The directors present their report with the financial statements of the company for the period 1 March 2024 to 31 December 2024.

Principal activity

The principal activity of the company in the period under review was that of a holding company.

Directors

D R Weeks has held office during the whole of the period from 1 March 2024 to the date of this report.

Other changes in directors holding office are as follows:

J P Hardy was appointed as a director after 31 December 2024 but prior to the date of this report.

J B Williams ceased to be a director after 31 December 2024 but prior to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:

D R Weeks - Director

10 December 2025

GLENDEVON ENERGY STORAGE HOLDING LIMITED (REGISTERED NUMBER: 13903955)

INCOME STATEMENT

FOR THE PERIOD 1 MARCH 2024 TO 31 DECEMBER 2024

Period |  |

1.3.24 |  |

to | Year Ended |

31.12.24 | 29.2.24 |

as restated |

| Notes | £ | £

Turnover | - |  | - |  |

Administrative expenses | 4,656 |  | (17,750 | ) |

Operating profit/(loss) | 4,656 |  | (17,750 | ) |

Income from shares in group undertakings | 899,625 |  | 101,260 |  |

904,281 |  | 83,510 |  |

Interest payable and similar expenses | (1,169,247 | ) | (418,753 | ) |

Loss before taxation | (264,966 | ) | (335,243 | ) |

Tax on loss | 151,183 |  | - |  |

Loss for the financial period | (113,783 | ) | (335,243 | ) |

GLENDEVON ENERGY STORAGE HOLDING LIMITED (REGISTERED NUMBER: 13903955)

BALANCE SHEET

31 DECEMBER 2024

31.12.24 | 29.2.24 |

as restated |

| Notes | £ | £

Fixed assets

Investments | 5 | 34,864,068 |  | 7,821,235 |  |

Current assets

Debtors | 6 | 1,152,880 |  | 205,622 |  |

Cash at bank | 100,000 |  | - |  |

1,252,880 |  | 205,622 |  |

Creditors

Amounts falling due within one year | 7 | (1,606,624 | ) | (424,283 | ) |

Net current liabilities | (353,744 | ) | (218,661 | ) |

Total assets less current liabilities | 34,510,324 |  | 7,602,574 |  |

Creditors

Amounts falling due after more than one year | 8 | (27,986,771 | ) | (6,349,685 | ) |

Net assets | 6,523,553 |  | 1,252,889 |  |

Capital and reserves

Called up share capital | 57,203 |  | 3,145 |  |

Share premium | 6,920,095 |  | 1,589,706 |  |

Retained earnings | (453,745 | ) | (339,962 | ) |

6,523,553 |  | 1,252,889 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GLENDEVON ENERGY STORAGE HOLDING LIMITED (REGISTERED NUMBER: 13903955)

BALANCE SHEET - continued

31 DECEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 10 December 2025 and were signed on its behalf by:

D R Weeks - Director

GLENDEVON ENERGY STORAGE HOLDING LIMITED (REGISTERED NUMBER: 13903955)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 MARCH 2024 TO 31 DECEMBER 2024

1. | Statutory information

| Glendevon Energy Storage Holding Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | Accounting policies

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Investments in subsidiaries

| Investments in Glendevon Energy Storage Limited, a Battery asset that is under construction, are recognised at cost.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

3. | Employees and directors

| The average number of employees during the period was NIL (2024 - NIL).

4. | Prior year adjustment

| The 29 February 2024 comparative figures have been restated. This is due to the incorrect asset classifications of investments into the subsidiary that were included in the loans to group undertakings.

| To correct this error the investment value postings have been posted to shares in group undertakings.

5. | Fixed asset investments

31.12.24 | 29.2.24 |

as restated |

| £ | £

| Shares in group undertakings | 11,040,201 |  | 5,534,305 |  |

| Loans to group undertakings | 23,823,867 |  | 2,286,930 |  |

34,864,068 |  | 7,821,235 |  |

| Additional information is as follows:

Shares in |

group |

undertakings |

| £

| Cost

| At 1 March 2024 | 5,534,305 |  |

| Additions | 5,505,896 |  |

| At 31 December 2024 | 11,040,201 |  |

| Net book value

| At 31 December 2024 | 11,040,201 |  |

| At 29 February 2024 | 5,534,305 |  |

GLENDEVON ENERGY STORAGE HOLDING LIMITED (REGISTERED NUMBER: 13903955)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 MARCH 2024 TO 31 DECEMBER 2024

5. | Fixed asset investments - continued

Loans to |

group |

undertakings |

| £

| At 1 March 2024 | 2,286,930 |  |

| New in year | 21,536,937 |  |

| At 31 December 2024 | 23,823,867 |  |

6. | Debtors: amounts falling due within one year |

31.12.24 | 29.2.24 |

as restated |

| £ | £

| Trade debtors | - |  | 102,071 |  |

| Other debtors | 1 |  | 100,001 |  |

| Interest receivable | 1,001,696 |  | - |  |

| VAT | - |  | 3,550 |  |

| Deferred tax asset | 151,183 |  | - |  |

1,152,880 |  | 205,622 |  |

7. | Creditors: amounts falling due within one year |

31.12.24 | 29.2.24 |

as restated |

| £ | £

| Interest payable | 1,593,529 |  | 424,283 |  |

| Amounts owed to group undertakings | 11,221 |  | - |  |

| Accruals and deferred income | 1,874 |  | - |  |

1,606,624 |  | 424,283 |  |

8. | Creditors: amounts falling due after more than one year |

31.12.24 | 29.2.24 |

as restated |

| £ | £

| Shareholder loan | 27,986,771 |  | 6,349,685 |  |

GLENDEVON ENERGY STORAGE HOLDING LIMITED (REGISTERED NUMBER: 13903955)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 MARCH 2024 TO 31 DECEMBER 2024

9. | Related party disclosures

| At the end of the reporting period Glendevon Energy Storage Limited, the subsidiary owed a long-term loan of £23,823,867 (29/02/24 - £2,286,930) to Glendevon Energy Storage Holding Limited.

| Interest receivable is calculated at a flat rate of 8% and amounted to £899,625 (29/02/24 - £101,260) during the reporting period. The interest receivable balance at the end of the reporting period amounted to £1,001,696 (29/02/24 - £102,071).

| Additionally at the end of the reporting period the company owed £11,221 (29/02/24 - £nil) in short term working capital requirements to Glendevon Energy Storage Limited.

| At the end of the reporting period the company owed a long-term loan of £27,986,771 (29/02/24 - £6,349,685) to Foresight Energy Infrastructure Partners 1 S.à r.l, the parent company.

| Interest payable is calculated at a flat rate of 7.935% and amounted to £1,169,247 (29/02/24 - £418,753) during the reporting period. The interest payable balance at the end of the reporting period amounted to £1,593,530 (29/02/24 - £424,284).

| During the reporting period the aggregate cost of services provided by Foresight Asset Management Limited, in respect of asset management fees, amounted to £6,294 (29/02/24 - £6,600), of which £nil was outstanding at the end of the reporting period.

10. | Ultimate controlling party

| The ultimate controlling party is Foresight Energy Infrastructure Partners S.C.Sp, a private, regulated fund resident in Luxembourg.