Completion of Sale of Remaining Assets

23 June 2026

GRESHAM HOUSE RENEWABLE ENERGY VCT 1 PLC

(the "Company" or "VCT 1")

Completion of Sale of Remaining Assets

Following the announcements issued on 1 December 2025 and 6 March 2026, the Board of VCT 1 is pleased to announce the completion of the sale of the Company's remaining solar assets to a UK entity managed by True Green Capital Management LLC, a specialist renewable energy infrastructure fund manager.

The sale of the remaining ground-mounted solar sites has completed for total gross consideration of approximately £20 million across both VCTs. Following repayment of certain outstanding loan balances, this equates to net proceeds of approximately £6.3 million for VCT 1. This compares with the last published valuation of £8.5 million as at 31 March 2025.

The divestment process proved significantly more challenging and time-consuming than originally anticipated. The portfolio comprised a relatively small number of mature assets with complex financing arrangements and a range of legal, property and administrative matters that required attention as part of the sale process. These factors contributed to an extended timetable and increased transaction costs.

In addition, the value of the portfolio was materially affected by the UK Government's Autumn 2025 review of renewable energy subsidy arrangements, announced during the course of the sale. Following consultations launched by the Department for Energy Security and Net Zero in October 2025, the Government confirmed that, with effect from 1 April 2026, annual indexation of both the Renewables Obligation ("RO") and Feed-in Tariff ("FiT") schemes would switch from the Retail Price Index ("RPI") to the Consumer Price Index ("CPI").

As the Company's solar assets derive a significant proportion of their value from these long-term subsidy regimes, the change reduced projected future revenues and adversely affected asset valuations. The Board believes that this policy change was a material factor in the reduction in value achieved compared with previous carrying values.

Notwithstanding these challenges, the completion of the sale represents an important milestone in the implementation of the Company's realisation strategy following shareholder approval of the revised investment policy in July 2021. This follows the disposal of two ground-mounted solar sites and approximately 1,600 commercial and residential rooftop solar installations in April 2023, together with the recent sale of the Company's small wind portfolio announced on 6 March 2026.

The Board expects to announce details of the distribution to shareholders arising from the proceeds of this sale as soon as practicable. Further information regarding the Company's proposed entry into members' voluntary liquidation, currently anticipated to take place during Q3 2026, will be communicated in due course.

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LEI: 213800IVQHJXUQBAAC06