Gresham House raises ₤ 50m to fund United States solar-storage spree

May 25, 2023 11:19 AM ET
  • Net profits of current issue will be purchased 160MW of PV with collocated battery projects in California
Gresham House raises ₤ 50m to fund United States solar-storage spree

Gresham House Energy Storage Fund has actually raised total gross profits of ₤ 50m via a current share issue.

Subject to confirmatory due diligence and documents, the net proceeds of the issue are planned to fund the initial closing of Project Iliad consisting of 160MW of solar with collocated, four-hour battery projects in California, United States.

John Leggate, Chair of Gresham House Energy Storage Fund, said: "We actually value this favorable as well as broad support from financiers, specifically offered the existing challenging market conditions.

" The funds increased will provide us an opportunity to secure a footing in the United States, among our essential target audience.

" The pace of renewable resource development globally remains solid, underpinned by the need for cleaner, more affordable and safe and secure energy, net no dedications as well as federal government incentives.

The situation for investing in grid degree battery energy storage continues to be much more engaging than ever before.

" We look forward to reporting additional progress this year."

Ben Visitor, Fund Manager and also Head of Gresham House New Energy, added: "The funds raised will certainly kick-start our very first US investment, creating 160MW of solar plus collocated four-hour battery energy storage system projects in California, and we would love to give thanks to all our investors for this continuous support and also endorsement.

" We take into consideration California to be one of one of the most exciting renewables markets in the United States and also the fundraise represents a significant milestone in GRID's progression, as we remain to monetise the opportunities readily available in an increasingly renewables-driven power market."

Application will certainly be produced the New Ordinary Shares to be admitted to trading on the Specialist Fund Segment of the London Stock Exchange's main market.

Admission is expected to end up being reliable, and negotiations in the New Ordinary Shares are expected to commence on 30 May 2023.

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