Gresham House to finance c. 485MW battery storage space profile with brand-new share issuance programme

• Gresham House Energy Storage Fund has detailed strategies to "significantly boost" its profile as it launches a brand-new share issuance program.

The programme is to be carried out over the following year through a number of tranches, with the first of these to consist of a preliminary placing and preliminary offer for membership, both of which released today (10 November).

This financing is to go towards a brand-new pipe of approximately c. 485MW split between 10 power storage space projects with an overall consideration of around ₤ 200 million. The initial tranche will be used to finance approximately five near-term acquisitions completing c. 195MW.

John Leggate CBE, chair of Gresham House Energy Storage Fund, stated that over the last couple of years the firm has actually seen "real development in the quantum of bargain circulation", as well as new advancements in the power storage market and also batteries particularly.

" The motorists behind this growth are now increasingly evident and our company believe we are obtaining closer to an oblique point where battery-based storage is ending up being a calculated essential in the UK's trip towards supplying an internet no carbon future."

New ordinary shares will certainly be released by way of the initial placing and first offer for registration at an issue rate of 105.0 pence per brand-new normal share, with the issue rate standing for a price cut of around 4.5% to the closing share price of 110.0 p on 9 November 2020 as well as a costs of around 4.2% to the last noted NAV of 100.77 p as at 30 September 2020.

Earlier, Gresham House raised ₤ 15 million with providing a mix of short as well as medium-term guaranteed power bonds, with the financing to go in the direction of a new acquisition, in addition to ₤ 31.2 million in an oversubscribed share positioning.

Nonetheless, before this, Gresham House disappointed a ₤ 58 million target in a share placing that saw it elevate ₤ 41.6 million, with this funding also going in the direction of procurements.

Ben Guest, lead fund supervisor and head of Gresham House New Energy, stated: "We are thrilled to have actually constructed such a considerable and eye-catching new pipe which we are certain will be provided in a timely fashion. We are driving down the price of procurement significantly, which is anticipated to meaningfully enhance cashflow and also NAV per share."