Declaration of Dividend

RNS Number : 7354D

Gresham House Energy Storage Fund

01 July 2021

 

1 July 2021

GRESHAM HOUSE ENERGY STORAGE FUND PLC

("GRID" or the "Company")

Declaration of Dividend
 

Gresham House Energy Storage Fund PLC (LSE: GRID) is pleased to announce a dividend of 1.75p per Ordinary Share for the period from 1 April 2021 to 30 June 2021. The dividend will be paid on 30 July 2021 to Shareholders on the register as at the close of business on 9 July 2021. The ex-dividend date is 8 July 2021.

Any such dividend payment to Shareholders may take the form of either dividend income or "qualifying interest income" which may be designated as an interest distribution for UK tax purposes and therefore subject to the interest streaming regime applicable to investment trusts. Of this dividend declared of 1.75 pence per Ordinary Share, 0.75 pence is declared as dividend income with 1.00 pence treated as qualifying interest income.

For further information, please contact:

Gresham House New Energy Ben Guest	[phone]
Jefferies International Limited Stuart Klein Gaudi Le Roux Neil Winward	[phone] [phone] [phone]
KL Communications Charles Gorman Camilla Esmund Alex Hogan	[e-mail] [phone]
JTC (UK) Limited as Company Secretary Christopher Gibbons	[e-mail]   [phone]

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, Northern Ireland and the Republic of Ireland. 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 will target dividend payments of 7.0p per Ordinary Share in the financial year ending 31 December 2021 and in financial periods thereafter. The Company targets an unlevered Net Asset Value total return of 8% per annum, calculated net of the Company's costs and expenses. Once certain further asset management activities are completed and leverage is introduced to the Portfolio, the Company targets a levered Net Asset Value total return of 15% per annum, calculated net of the Company's costs and expenses*.

The current portfolio has a total capacity of 425MW. The Company is managed by Gresham House Asset Management Limited under the leadership of Ben Guest. The Company was admitted to trading on the London Stock Exchange (Specialist Fund Segment) on 13 November 2018 (the "IPO") having raised £100 million of gross proceeds from investors. Since IPO, the Company has raised a total of approximately £358 million of gross proceeds from investors.

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.

www.greshamhouse.com

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.

 

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