Gresham House Energy Storage Fund Debt Financing (1867S)
July 07 2020 - 1:00AM
UK Regulatory
TIDMGRID
RNS Number : 1867S
Gresham House Energy Storage Fund
07 July 2020
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7 July 2020
Gresham House Energy Storage Fund PLC
("GRID", the "Company" or the "Fund")
Debt financing
Gresham House Energy Storage Fund plc (LSE: GRID), the UK's
largest operational utility-scale battery storage fund, has today
launched a private offer of secured power bonds (the "GRID Power
Bonds") to facilitate the acquisition of additional battery storage
projects in accordance with GRID's investment policy, to advance
loans to ESS projects and/or to refinance existing shareholder
loans to ESS projects.
The private offer is being made by GRID's wholly owned
subsidiary, Gresham House Energy Storage Holdings plc (the
"Issuer") and is targeting a raise of approximately GBP15 million
through an initial series of 5.0% per annum fixed rate bonds
(equivalent to a coupon of approximately 4% after tax). The GRID
Power Bonds may be issued in one or more series (each a "Series"),
with each Series having a term of five years from its issue date,
redeemable by the Issuer with no penalty after two years.
It is intended that the proceeds of the initial Series will be
used, among other things, to acquire an operating asset which is at
an advanced stage of due diligence. The addition of this project to
the Company's existing portfolio of operational assets is expected
to be accretive to the Fund's cash flow and NAV per share.
The GRID Power Bonds provide the Company's group with
attractive, flexible fixed rate financing terms with low
arrangement, legal and other ancillary fees as compared to a
typical revolving credit facility or project finance .
The GRID Power Bonds will pay interest semi-annually, in
arrears, in equal instalments and have a maximum, aggregate
subscription amount of GBP40 million. The offer period will be open
for 12 months to July 2021 to, among other things, assist with the
acquisition of further battery storage projects.
- ENDS -
For enquiries, please contact:
Gresham House New Energy
Ben Guest +44 (0)20 3837 6270
Jefferies International Limited
Stuart Klein
Neil Winward
Gaudi le Roux +44 (0)20 7029 8000
KL Communications gh@kl-communications.com
Charles Gorman +44 (0)20 3995 6673
Camilla Esmund
Alex Hogan
About the Company and the Manager:
Gresham House Energy Storage Fund plc owns a portfolio of
utility-scale operational energy storage systems (known as ESS)
located in Great Britain. The current portfolio has a total
capacity of 215MW. The Company is managed by Gresham House Asset
Management Limited under the leadership of Ben Guest. The Company
was admitted to trading on the London Stock Exchange (Specialist
Fund Segment) on 13 November 2018 having raised GBP100 million of
gross proceeds from investors. Including issuance under the Placing
Programme, it has now raised a total of approximately GBP238
million of gross proceeds from investors.
The Gresham House New Energy team has a proven track record in
developing and operating energy storage and other renewable assets
having developed 124MW of Energy Storage Systems and approximately
290MW of predominantly ground-mounted solar projects. Gresham House
Asset Management currently manages 207MW of solar and wind energy
projects.
Gresham House Asset Management 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 Storage Systems
Utility-scale battery storage systems 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.
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Authority to act as a Primary Information Provider in the United
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END
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