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20 Apr 2023 07:00
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Gresham House plc
("Gresham House", the "Company" or the "Group")
Progress update
VCT fundraise success, new fund launch and Sustainable Investment Report
20 April 2023
Gresham House, the specialist alternative asset manager committed to sustainable investing, provides an update on recent activity across a range of asset classes that continues to drive momentum in the Group.
Highlights
§ VCTs - Baronsmead Venture Trust and Baronsmead Second Venture Trust (the Baronsmead VCTs), successfully completed a fully subscribed fundraise of £50 million
§ New Energy - Announcement of £140 million commitment from Centrica and the UK Infrastructure Bank into the new Gresham House Secure Income Renewable Energy & Storage LP (SIRES) to drive the UK's transition to cleaner, greener energy
§ Sustainable Investment - Third annual Sustainable Investment Report released by the Group, highlighting the range of reporting and transparency that are provided for shareholders, as well as its first Task Force on Climate-related Financial Disclosures (TCFD report) a year ahead of the mandatory deadline
Baronsmead VCTs
On 16 December 2022, the Baronsmead VCTs announced the launch of an offer for subscription to raise up to £40 million in aggregate with the discretion to utilise over-allotment facilities to raise up to a further £10 million in aggregate. On the 27 March, it was announced that the offer was fully subscribed and closed. The £50 million raised by the Baronsmead VCTs will allow them to target new investment opportunities in the short to medium term and to continue to support the capital requirements of existing portfolio companies.
The Baronsmead VCTs are two of the largest on the market, with combined net assets of £408 million as at 24 March 2023. Taking a unique hybrid approach their portfolios comprise both AIM-quoted companies and unquoted companies.
Gresham House Secure Income Renewable Energy & Storage LP (SIRES)
On 30 March 2023 the UK Infrastructure Bank ("Bank") announced a commitment to invest £75 million on a match funding basis into the new Gresham House Secure Income Renewable Energy & Storage LP (SIRES) alongside a £65 million investment from Centrica.
Gresham House's SIRES fund will focus on developing the collocation of renewable generation and short duration battery energy storage facilities. The £65 million investment from Centrica will be used to fund the construction of the seed asset, a collocated solar and battery energy storage project in Hartlepool, County Durham, with 50 MWp solar capacity and 75 MWh of battery energy storage.
Sustainable Investment Report
On 4 April, the Group launched its latest Sustainable Investment Report, which outlines how we maintained our commitment to driving the sustainability agenda forward in 2022 as we continued to expand the scope and quality of the ESG metrics that we collect, measure and monitor. The report shows the significant progress we have made towards delivering the goals of our Corporate Sustainability Strategy.
Tony Dalwood, CEO at Gresham House plc said:
"Following the recent announcement of our strong annual results, it is great to see positive momentum continue into 2023, with successful fundraising in a number of our strategies which target attractive financial returns alongside driving the sustainability agenda."
For more information contact: | |
Gresham House plc Tony Dalwood, Chief Executive Officer Kevin Acton, Chief Financial Officer | +44 (0)20 3837 6270 |
Houston - media and analysts Kay Larsen Kelsey Traynor | gh@houston.co.uk +44 (0) 20 4529 0549 |
Canaccord Genuity Limited - Nominated Adviser and Joint Broker Bobbie Hilliam Harry Pardoe | +44 (0)20 7523 8000
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Jefferies International Limited - Joint Broker and Financial Adviser Paul Nicholls James Umbers | +44 (0)20 7029 8000 |
NOTES TO EDITORS
About Gresham House Gresham House is a specialist alternative asset management group, dedicated to sustainable investments across a range of strategies, with expertise across forestry, housing, infrastructure, renewable energy and battery storage, public and private equity.
Our origins stretch back to 1857, while our focus is on the future and the long term. Quoted on the London Stock Exchange (GHE:LN) we actively manage £7.8bn of assets (31 December 2022) on behalf of institutions, family offices, charities and endowments, private individuals, and their advisers. We act responsibly within a culture of empowerment that encourages individual flair and entrepreneurial thinking.
As a signatory to the UN-supported Principles for Responsible Investment (PRI), our vision is to always make a positive social or environmental impact, while delivering on our commitments to shareholders, employees, and investors.
www.greshamhouse.com
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