Gresham House Plc (LON:GHE), the specialist asset manager, has today announced it has received full repayment from Hazel Capital LLP (“Hazel Capital”) of a £4.6 million secured loan (“the Loan”). The loan repayment includes interest and fees, which are above the long-term return hurdle of 15% set by the Company.
In conjunction with the agreement to acquire Hazel Capital, announced on 19 May 2017, and following ongoing due diligence, Gresham House agreed to provide the loan to Hazel Capital as a form of growth capital to develop its immediate pipeline of Energy Storage System (“ESS”) projects for the purpose of offering grid enhancement services to the national grid. Full repayment of the loan, which has been repaid through proceeds from Solar asset disposals, was due on or before 31 December 2017 and these proceeds will be used to continue to build the specialist asset management business.
Tony Dalwood, CEO of Gresham House Plc, said: “The early loan repayment and further growth in the new energy development pipeline is positive news for Gresham House Group. The Hazel Capital integration continues and we now have an exciting pipeline of projects to grow under the Gresham House New Energy banner. Renewables and new energy infrastructure is an area where we see a significant growth opportunity in 2018.”