26th Apr 2019 14:43
LONDON (Alliance News) - Gresham House Energy Storage Fund PLC on Friday reiterated its 4.5 pence per share dividend target for 2019, as it reported on steady progress from its inception to the end of March.
In addition, Gresham House Energy announced a placing for up to 75 million shares at a price of 101 pence each, totalling around GBP75.8 million.
The placing price reflects a 2.5% discount to Gresham's closing price on Thursday, at 105p
Shares in the energy-focused investment fund were down 0.7% at 104.24 pence on Thursday.
Proceeds will go towards the acquisitions of further energy storage projects, and are expected to be fully deployed in the first quarter of 2020.
Cantor Fitzgerald Europe is acting as sole bookrunner for the placing.
As at March 31, the fund had a net asset value of around GBP100 million, or 99.95 pence per share.
Gresham declared a 1.4 pence per share dividend for the period from its inception in November to the end of March, in line with its target for 2019 of 4.5p.
Gresham House Energy has a current portfolio of five operational energy storage systems with a total capacity of 70 megawatts. In addition, the fund has an exclusive pipeline for five additional projects for a total capacity of 182 megawatts.
From this pipeline, Gresham is expected to acquire its first five megawatts project in the coming weeks, and deploy the rest of its IPO proceeds into a 50 megawatts project by the end of 2019.
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