Cantor Fitzgerald Europe’s Investment Companies team delivers Renewable Infrastructure IPO
London, 28th November – Cantor Fitzgerald Europe’s Investment Companies team has acted as the sole bookrunner and financial adviser to the Gresham House Energy Storage Fund when it was admitted to the Specialist Fund Segment of the London Stock Exchange, raising gross proceeds of £100m
The fund invests in utility-scale Energy Storage Systems in the UK and will target a NAV total return of 8.0% per annum (net of all fund expenses) before leverage. The fund expects to pay a minimum dividend of 4.5p in its first year and 7.0p thereafter1, and will be managed by Gresham House Asset Management and headed up by Head of Gresham House New Energy, Ben Guest.
The fund will provide institutional and high net worth investors with the opportunity to invest in Energy Storage Systems, as it takes advantage of a market that is benefitting from UK carbon reduction targets, an increasing dominance of renewables and the decarbonisation of the economy. It has already acquired 70MW of revenue-generating assets, and will use its placing programme to raise further funds for the acquisition of other pipeline assets.
Commenting on the deal Richard Harris, Head of Investment Companies Sales at Cantor Fitzgerald Europe, said:
“This is an exciting and expanding sector, and we are pleased to have worked closely with Gresham House Energy Storage Fund to raise £100m.”
This is a target only and not a profit forecast. There can be no assurance that this target will be met or that the Fund will make any distributions at all. This target return should not be taken as an indication of the Fund’s expected or actual current or future results. The Fund’s actual return will depend upon a number of factors, including but not limited to the size of the Issue, the Fund’s net income and the Fund’s ongoing charges figure. Potential investors should decide for themselves whether or not the return is reasonable and achievable in deciding whether to invest in the Fund