Gresham House Energy Storage Fund successful fundraise unlocks significant first step in the next stage of portfolio growth


On 10 November 2020, Gresham House Energy Storage Fund plc (LON:GRID) announced a new share issuance programme including an initial placing and an initial offer for subscription. The Board of Directors are pleased to announce that the Initial Tranche has successfully raised gross proceeds of £120 million through the issue of 114,285,714 ordinary shares of 1 pence each in the capital of the Company at an Issue Price of 105 pence per New Ordinary Share.

Due to the level of demand, a scaling back exercise has been undertaken with respect to applications received pursuant to the Initial Placing and the Initial Offer for Subscription.

The Company intends to use the net proceeds to finance certain energy storage projects (“ESS Projects“) which form part of the Company’s c.485MW pipeline currently being progressed by the Manager (the “New Pipeline“).* Specifically, the Manager anticipates that the net proceeds will enable the Company to finance up to six new near-term acquisitions totalling 245MW which are either exclusive to the Company, owned by the Gresham House Group or exclusive to the Gresham House Group. In addition, a small proportion of the net proceeds will also be used to fund commitments on certain existing ESS Projects.

Jefferies International Limited acted as sole global coordinator, bookrunner and financial adviser to the Company.

John Leggate CBE, Chair of Gresham House Energy Storage Fund PLC said:

“We recently set out our programme to develop a further ten projects of c.485MW of battery storage over the next 12-18 months. This very successful fundraise, our largest to date, unlocks a significant first step in the next stage of our portfolio growth as we build on our position as the leading business in this fast-growing segment of the green infrastructure space.

The Board would like to thank our new investors and existing shareholders for their support.  We look forward to updating them as we add these new facilities to our industry-leading battery storage portfolio.”

Ben Guest, Lead Fund Manager and Head of Gresham House New Energy, commented:

“We are delighted with the outcome of the fundraise which comes at a time that the UK is helping set the pace globally for the transition to a zero-carbon future. With additional renewable generation capacity comes the requirement for more energy storage to achieve a cost-effective energy transition, and our New Pipeline will help meet this need.”

Admission of New Ordinary Shares

A total of 114,285,714 New Ordinary Shares will be issued (subject to Admission) pursuant to the Initial Placing and the Initial Offer for Subscription. Application has been made for 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 occur and dealings in the New Ordinary Shares to commence at 8.00 a.m. (London time) on 27 November 2020.

The New Ordinary Shares, when issued, will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid after the date of Admission. For the avoidance of doubt, investors participating in the Initial Tranche will be entitled to receive the next quarterly dividend declared by the Company relating to the quarter ending 31 December 2020 which is expected to be declared in February 2021.

Immediately following Admission, Gresham House Energy Storage Fund will have 348,556,364 ordinary shares in issue and therefore the total voting rights in the Company will be 348,556,364. This figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to, their interests in the Company.

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Find more news, interviews, share price & company profile here for:
Gresham House Strategic plc

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