Gresham House Energy Storage Fund PLC - UK utility-scale battery storage fund - Raises approximately GBP15.0 million through issue of mixture of short- and medium-term secured power bonds via Gresham House Energy Storage Holdings PLC subsidiary.
"The majority of the proceeds will be used to acquire an operating asset which is in the final stages of due diligence with an agreement expected to be concluded during the fourth quarter. The addition of this project to the company's existing portfolio of operational assets should be accretive to the fund's cash flow and NAV per share," says Gresham House Energy Storage Fund.
Intends to refinance its short-term power bonds, representing a GBP7.0 million aggregate amount, within the next 12 months. May issues further series of bonds, up to GBP40.0 million aggregate subscription amount. Offer period for its power bonds open until July 2021 so as to "assist with the acquisition of further battery storage projects" among other things.
Current stock price: 111.45 pence
Year-to-date change: up 3.7%
By Anna Farley; annafarley@alliancenews.com
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Gresham House (GRID)