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QuotedData’s morning briefing 29 November 2021

Gore Street Energy Storage Fund

In QuotedData’s morning briefing 29 November 2021:

  • Chrysalis (CHRY) has agreed with its manager, Jupiter, to settle 54% of the performance fee which will be paid to Jupiter for the period to 30 September 2021 in ordinary shares, while the remaining 46% will be settled in cash. The issue price of the shares is expected to be 267p per share (being the closing share price on 30 September 2021) which is a 9.4% premium to the share price as at close of business on 26 November 2021 and a 6% premium to the unaudited net asset value per share as at 30 September 2021. Jupiter intends to use the shares as part of the deferred remuneration arrangements of its staff, including the company’s portfolio managers, and will be subject to Jupiter’s usual vesting conditions which incrementally release shares to the qualifying staff over a three year period.
  • Gore Street Energy (GSF) has announced one of its assets, Kilmannock, based in the Republic of Ireland, has secured a significant increase in its allocated grid connection capacity. The asset will benefit from grid connection volume allocation of an additional 90MW, in addition to the 30MW currently secured. The increased asset capacity will lower the price per MW of construction costs, further increasing the price advantage of this asset, giving GSF a competitive advantage. The portfolio now consists of over 600MW of operating and under construction projects in the UK and Ireland, with 310MW of assets across the island of Ireland, constituting the largest portfolio of Irish assets available to investors. Alex O’Cinneide, CEO of Gore Street Capital, said: ‘With the ever-growing number of renewable energy assets being developed and connected to grid networks, the need for energy storage projects is increasing exponentially over the coming years and we believe that Gore Street is in an excellent position to capitalise on this growing demand.’ Paul Sanders, Head of Climate at Ireland Strategic Investment Fund National Treasury Management Agency, added: ‘We are delighted to see Gore Street creating real impact in the Irish energy market. The delivery of this flexible infrastructure is key to enabling the Irish energy system to increase renewable generation in line with the Irish government’s ambitious target, with plans to increase the proportion of renewable electricity to up to 80% by 2030‘.
  • ICG Longbow Senior Secured UK Property Debt (LBOW) has received repayment in full of the £7.8m Knowsley loan, following a sale of the underlying property.  The repayment is accompanied by interest and exit fees of approximately £200,000 in aggregate. LBOW has also received further partial repayments of the Quattro loan, totalling £900,000 in aggregate. As a result of the repayments, LBOW expects to make a second capital distribution to shareholders and a further announcement will be made in due course.
  • HydrogenOne Capital Growth (HGEN) has signed definitive agreements for a private equity investment of £10m in HiiROC Limited, an innovative supplier of clean hydrogen production technology. The investment forms part of a c. £26m fundraising round, introducing other new investors including Melrose Industries, Centrica, Hyundai and Kia, alongside existing strategic investors Wintershall Dea and VNG. HiiROC has strong growth potential in a number of hydrogen sectors including grid injection, electricity generation, decarbonising industry replacing natural gas, flare mitigation and synthetic aviation fuel production. HiiROC investors Wintershall Dea and VNG have recently announced a 400kg/day hydrogen facility in Germany using HiiROC technology, due to be operational in 2023. With this purchase of a minority equity stake, HydrogenOne has the right to a board seat at HiiROC. Simon Hogan, Chairman of HydrogenOne said: ‘We are delighted to invest in HiiROC. As we highlighted ahead of our recent IPO, Turquoise hydrogen is an area of high growth we are interested in, and HiiROC is a leader in this field. We are excited to work with HiiROC’s team and share our experience and expertise.
  • Hammerson (HMSO) has confirmed reports in the Sunday Times that it is in discussions over the sale of its 50% stake in the Silverburn shopping centre in Glasgow for £140m. It said that the sale, if it progressed, was part of the group’s non-core asset disposal programme, which “remains a near-term priority to strengthen the balance sheet, re-balance the portfolio and to enable the group to re-cycle capital for investment”.
  • Palace Capital (PCA) has sold 24 Blackwater Way, Aldershot to a private property company for £2.44m, reflecting a 14% premium to book value (and a more than 200% premium to the original investment at acquisition, equating to a 514% total return). The property is an industrial building with a floor area of 28,000 sq ft and is let to BHW Automotive on a 10-year lease from September 2019 at £228,000 per annum.

We also have a new investment from Triple Point Energy Efficiency Infrastructure, a funding round from Syncona and an update on the Gresham House Strategic saga.

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