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| Date | 17 Jul 2023 |
| Time | 14:56:17 |
| Category | Miscellaneous |
| ID | 2684G |
17 July 2023
Gresham House Energy Storage Fund plc
(GRID or the Company)
Statement regarding Investment Manager
The Board of Gresham House Energy Storage Fund plc notes the announcement from Gresham House plc ("Gresham House") that it has reached agreement on the terms of a recommended cash offer for the entire issued share capital of Gresham House, to be acquired by an entity formed by funds advised by Searchlight Capital Partners, L.P. and its affiliates (the "Acquisition").
The Company's Investment Manager and AIFM is Gresham House Asset Management Limited (the "Investment Manager") which is wholly owned by Gresham House. There is no change expected to the relationship between the Company and the Investment Manager, and the Gresham House leadership team and all key individuals that have managed GRID since its IPO in 2018 will remain in place.
The Acquisition remains subject to various conditions set out in Gresham House's announcement this morning.
For further information, please contact:
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Gresham House New Energy Ben Guest Rupert Robinson
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+44 (0)20 3837 6270
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Jefferies International Limited Stuart Klein Gaudi Le Roux
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+44 (0)20 7029 8000 |
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KL Communications Charles Gorman Charlotte Francis Millie Steyn
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+44 (0)20 3995 6699
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JTC (UK) Limited as Company Secretary Christopher Gibbons
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+44 203 832 3879 |
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 and in Overseas Jurisdictions. 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 an unlevered Net Asset Value total return of 8% per annum and a levered Net Asset Value total return of 15% per annum, in each case calculated net of the Company's costs and expenses.
Gresham House Asset Management 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.
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.