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VH Global looking for £150m

GSEO Solar Brazil

VH Global Sustainable Energy Opportunities plans to raise target gross issue proceeds of £150m through an Initial Placing, Initial Open Offer, Initial Offer for Subscription and Initial Intermediaries Offer at an issue price of 110p..This represents a premium of 3.4% to the NAV at 31 March 2022 (adjusted for the interim dividend of 1.25 p) and a discount of 3.5%. to the closing price on 8 June 2022.

Since IPO, the company has assembled a portfolio of 24 assets, comprising investments which are diversified across a variety of technologies in four jurisdictions (Australia, Brazil, the UK and the USA). The assets have predominantly long-term contracted inflation-linked cash flows which are based on availability or capacity.

The investment adviser has identified a number of potential sustainable energy infrastructure investments and has secured the exclusive right to negotiate with the owner to acquire, issued non-binding offers to acquire, and/or is at an advanced stage of negotiation with the respective developers in respect of, assets with a total potential value of approximately £280m.

Under the Initial Open Offer, totalling up to £171.4m if fully subscribed, qualifying shareholders are entitled to subscribe on the basis of 1 new ordinary share for every 2 ordinary shares registered in their name as at close of business on 7 June 2022.

In-line with its stated dividend policy, the company is targeting an interim dividend in respect of the quarter ended 30 June 2022 of 1.25p. Holders of new ordinary shares will be entitled to receive the Q2 dividend.

The pipeline assets

Onshore wind – Mexico

This investment is a portfolio of three operating wind farms totalling approximately 153MW, valued at £70.8m. The portfolio benefits from a 100 per cent. take-or-pay corporate power purchase agreement (PPA) with a listed retail conglomerate in Mexico. These assets have been managed and operated by a leading European contractor using top-tier European wind turbine generators. This project targets a yield greater than 12% in local currency.

Operating hydro power plant – Brazil

This project consists of an operational hydro plant with capacity of approximately 198MW, currently owned by a large European utility. The asset has a 25-year concession in place and a combination of long-term PPAs and a rolling 5-year hedge strategy for price of power earned that provides downside risk protection and attractive upside exposure. The expected investment is £129.2m and the project targets a yield of approximately 10%.

Flexible power and carbon capture and reuse – United Kingdom

This would be the company’s third combined heat and power project in the UK with carbon capture and reuse technology. The £80m project will be 31MW once construction is complete and targets a yield of 9%. The investment adviser will be working with the same operating partners on this project under the partnership framework and structure already put in place as part of the first two projects.

 

Initial Issue

2022

Record Date for entitlement under the Initial Open Offer

6:00 p.m. on 7 June

Publication of the Prospectus and to Qualifying Non-CREST Shareholders only, posting of the Open Offer Application Form

9 June

Initial Placing opens

7:00 a.m. on 9 June

Ex-date for Open Offer Entitlements in respect of the Initial Open Offer

9 June

Initial Open Offer opens

9 June

Initial Offer for Subscription opens

9 June

Open Offer Entitlements and Excess CREST Open Offer Entitlements in respect of the Initial Open Offer credited to stock accounts of Qualifying CREST Shareholders in CREST

10 June

Latest time for withdrawal of Open Offer Entitlements and Excess CREST Open Offer Entitlements from CREST in respect of the Initial Open Offer

4:30 p.m. on 21 June

Latest time for depositing Open Offer Entitlements and Excess CREST Open Offer Entitlements into CREST in respect of the Initial Open Offer

3:00 p.m. on 22 June

Latest time for splitting Open Offer Application Forms in respect of the Initial Open Offer (to satisfy bona fide market claims only)

3:00 p.m. on 23 June

Latest time and date for receipt of Offer for Subscription Application Forms in respect of the Initial Offer for Subscription and Open Offer Application Forms in respect of the Initial Open Offer and payment in full or settlement of the relevant CREST instruction

11:00 a.m. on 27 June

Latest time and date for receipt of completed applications from the Intermediaries in respect of the Initial Intermediaries Offer

2:00 p.m. on 27 June

Initial Placing closes

noon on 28 June

Announcement of the conditional results of the Initial Issue

29 June

Initial Admission and crediting of CREST accounts in respect of the Initial Issue

8:00 a.m. on 1 July

Despatch of share certificates in respect of New Ordinary Shares issued in certified form*

GSEO : VH Global looking for £150m

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