LONDON (Alliance News) - Gresham House PLC said on Thursday it intends to float a fund on the Main Market of the London Stock Exchange that will provide utility scale energy storage systems to the National Grid.
The fund will take on the name Gresham House Energy Storage Fund PLC and is targeting GBP200 million in gross proceeds from its initial public offering. The fund will be managed by the New Energy division of Gresham House Asset Management , Gresham House's asset manager.
Proceeds will go towards acquiring a seed portfolio comprising 70 megawatts across five operational sites, as well as exclusivity over an additional 132 megawatts of ready to build projects.
The listing is expected to take place in early November, and once listed is targeting an annual dividend payout of 7.0 pence per share, with 4.5p in the first year.
"We are excited to bring this opportunity to invest in energy storage systems to institutional and high net worth investors. What will set the fund apart is the proven expertise of the management team in this highly specialist sector and the cornerstone investment of more than GBP30 million, from the management team and institutional investors. The seed portfolio comprises 70 megawatts across five fully operational sites. We are confident that we can deploy up to GBP200 million in a tangible pipeline within 12 months of IPO," said Rupert Robinson, managing director of Gresham House Asset Management.
Shares in Gresham House were flat at 467.00 pence on Thursday.
