In QuotedData’s morning briefing 24 December 2020:
- Gresham House Energy Storage has conditionally agreed to acquire a c.30MW battery project located near Wester Dechmont, Livingston in West Lothian, Scotland. Byers Brae is a battery-only site with a c.30MW/30MW export/import capacity which is currently expected to be commissioned in the second quarter of 2021. The project is expected to generate revenues primarily from asset optimisation (whereby it imports and exports power to earn income from the wholesale market and the National Grid-administered Balancing Mechanism), together with frequency response services.
- Ecofin U.S. Renewables Infrastructure Trust has completed the acquisition of two of the four seed investments described in its prospectus dated 11 November 2020. The two seed investments, acquired for an aggregate consideration of $10.9m, include a 100% cash equity interest in a 4.8 MW commercial rooftop solar project in California and a 100% cash equity interest in a 7.1 MW ground-mount solar project in Massachusetts, both of which have 100% of their revenues contracted with a weighted average remaining term of over 17 years.
- Yew Grove REIT has agreed a €53.6m facility with Allied Irish Banks to replace its existing €49.1m facility and extend the company’s debt maturity from December 2021 to December 2024. The facility is secured on certain of Yew Grove’s properties, and interest is charged on a margin over three month Euribor. Following the increase Yew Grove has €15.0m of undrawn facility and will increase the facility as more properties are brought within the security package. This increase follows shareholder approval for an increase in its target LTV from 25% to 40%.
- Aquila European Renewables Income has successfully completed the acquisition of a 100% interest in Albeniz a Spanish solar PV construction project, for an undisclosed amount. Albeniz is a 50 MWp project located in the South of Spain, one of the highest yielding regions for solar energy in Europe. The project also benefits from a fixed price, 5 year power purchase agreement covering 60% of P50 production. The company anticipates that the project will reach construction completion by the end of 2021.
- The Mercantile Investment Trust has entered into a two year revolving credit facility for £100m with the London Branch of The Bank of Nova Scotia. This facility is in addition to the existing £178.8m of long dated debt instruments already in issue. The company’s existing gearing range of 10% net cash to 20% geared remains unchanged.
In addition, we have results from JPMorgan Indian and a new investment by SDCL Energy Efficiency Income Trust.