Gresham House obtains ₤ 380m to grow storage portfolio
- NatWest financing package will certainly support building of 7 BESS projects due online next year
Gresham House Energy Storage Fund has actually protected a ₤ 380m bespoke financing package from NatWest bank with support the growth of its UK energy storage pipeline.
The funding will help finance seven freshly revealed battery energy storage projects because of be finished in 2022.
Concurred over a five-year duration, it makes up a ₤ 150m capex term loan, a ₤ 30m working resources center and also ₤ 200m uncommitted accordion.
Part of the funds will also be made use of to pay back a growing bond.
Ben Guest, Gresham House Energy Storage Fund supervisor, said: "Presenting a small quantity of economical take advantage of to the portfolio has actually been an ambition given that IPO and we're delighted with the effective completion of this deal, the terms attained as well as the quality of the organizations that have taken part.
" We just recently laid out enthusiastic plans to substantially enhance the size of our portfolio over the next 2 years, offered the UK's requirement to enhance battery storage ability tenfold by the middle of this decade. This facility will supply us with the monetary clearance to achieve our growth plans."
Jacob Lloyd, energy supervisor, expert property money at NatWest, said: "Because of the intermittent nature of wind and solar result, battery energy storage systems are crucial to the decarbonisation of the UK's energy grid."
