Gresham House Energy Storage Fund GBP155m Accordion Debt Facility (1426F)
03 November 2022 - 6:00PM
UK Regulatory
TIDMGRID
RNS Number : 1426F
Gresham House Energy Storage Fund
03 November 2022
3 November 2022
GRESHAM HOUSE ENERGY STORAGE FUND PLC
("GRID" or the "Company")
GBP155m Accordion Debt Facility
Gresham House Energy Storage Fund plc (LSE: GRID), the UK's
largest fund investing in utility scale battery energy storage
systems, is pleased to announce that it has secured GBP155m of
incremental term debt through the Accordion arrangement
contemplated under the existing senior debt facilities secured in
September 2021. The interest rate remains unchanged at 300bp over
SONIA while the term of the debt facility has been extended by two
years. This incremental debt, together with the original GBP180m
secured last year will be used to fund the Company's near term
pipeline, as previously disclosed. GRID was advised by Jefferies
International Limited and Eversheds Sutherland in relation to the
raise.
John Leggate CBE, Chair of Gresham House Energy Storage Fund plc
said: "This transaction demonstrates our lenders' continued support
for the Company and its commitment to scale up the portfolio. GRID
maintains its measured approach to leverage and this extension
further optimises the Company's capital structure on attractive
terms."
Ben Guest, Fund Manager and Managing Director of Gresham House
New Energy, commented: "We are delighted to have secured this
incremental capital which will allow us to further deploy into
attractive return opportunities."
For further information, please contact:
Gresham House New Energy
Ben Guest +44 (0) 20 3837 6270
Jefferies International Limited
Stuart Klein +44 (0) 20 7029 8000
Gaudi Le Roux +44 (0) 20 7029 8000
KL Communications gh@kl-communications.com
Charles Gorman +44 (0) 20 3995 6699
Camilla Esmund
Alex Hogan
JTC (UK) Limited as Company GHEnergyStorageCoSec@jtcgroup.com
Secretary +44 207 409 0181
Christopher Gibbons
About the Company and the Manager:
Gresham House Energy Storage Fund plc seeks to provide investors
with an attractive and sustainable dividend over the long term by
investing in a diversified portfolio of utility-scale battery
energy storage systems (known as BESS) located in Great Britain,
Northern Ireland, and the Republic of Ireland. In addition, the
Company seeks to provide investors with the prospect of capital
growth through the re-investment of net cash generated in excess of
the target dividend in accordance with the Company's investment
policy.
The Company targets (i) an unlevered Net Asset Value total
return of 8 per cent. per annum; and (ii) a levered Net Asset Value
total return of 15 per cent. per annum Gresham House Asset
Management Limited is the FCA authorised operating business of
Gresham House plc, a London Stock Exchange quoted specialist
alternative asset manager. Gresham House is committed to operating
responsibly and sustainably, taking the long view in delivering
sustainable investment solutions. www.greshamhouse.com
Definition of utility-scale battery energy storage systems
(BESS)
Utility-scale battery energy storage systems (BESS) are the
enabling infrastructure that will support the continued growth of
renewable energy sources such as wind and solar, essential to the
UK's stated target to reduce carbon emissions. They store excess
energy generated by renewable energy sources and then release that
stored energy back into the grid during peak hours when there is
increased demand. BESS also provide Frequency Response services to
National Grid whereby batteries import and export power with the
aim to keep real-time supply and demand in near-perfect balance
while also protecting against unexpected outages of major power
plants.
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