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Eversheds Sutherland advises on fundraisings of over £360m supporting the energy transition

  • Global
  • United Kingdom

    29-01-2021

    Supporting the energy transition

    Eversheds Sutherland in its continued support of the clean energy sector is proud to announce that it has advised on raising over £360 million for investment trust companies in this sector since November 2020.

    A cross-practice team from Eversheds Sutherland’s Energy Group led by investment funds partner Ronald Paterson and principal associate Sarah Burnside advised VH Global Sustainable Energy Opportunities plc (GSEO) on its initial public offering which has raised over £240 million, and Gresham House Energy Storage Fund plc (GRID), which raised £120 million in an oversubscribed fundraise in November 2020.

    GSEO is advised by private asset investment firm, Victory Hill Capital Advisors LLP, an experienced team of energy financiers that have spun-out of a large established global project finance banking group. GSEO invests in a diversified portfolio of global sustainable energy infrastructure assets that have a high impact value and align with the United Nations’ Sustainable Development Goals and support the Energy Transition. Numis Securities Limited acted as sponsor, financial adviser and bookrunner on the IPO of GSEO.

    Bernard Bulkin OBE, Chair of GSEO, commented:

    The Board is very pleased with the strong, broad-based response from investors to the proposition of VH Global Sustainable Energy Opportunities plc. It reflects the confidence from the investment community in the high calibre team at Victory Hill, our investment advisers. We have an excellent pipeline of projects which will now move forward, playing our part in the Energy Transition.

    Anthony Catachanas, CEO of Victory Hill Capital Advisors LLP, commented:

    The support, guidance and work that the Eversheds Sutherland team have provided, throughout this IPO process, has been nothing short of exemplary. We were clearly in the hands of one of the most experienced teams in the market, and the guidance and experience shared with us throughout the listing was a big contributor to our success.

    GRID is managed by Gresham House Asset Management Limited, a specialist alternative asset manager offering a range of investment opportunities across the alternatives investment sector. Eversheds Sutherland has advised GRID on its equity and debt issues and on the acquisition of its portfolio since IPO in 2018. GRID’s latest fundraise supports its aim to expand its portfolio of utility‐scale energy storage systems located in the United Kingdom and the Republic of Ireland. Following the acquisitions of projects located in North Shields, Tyne and Wear at the start of this year, GRID’s portfolio now has capacity of 350MW. GRID is expecting to complete further acquisitions in the coming months. Jefferies International Limited acted as sole global co-ordinator, bookrunner and financial adviser on GRID’s fundraising in November 2020.

    John Leggate CBE, Chair of GRID, commented:

    "Eversheds Sutherland has partnered with GRID since its launch supporting GRID’s mission to be the leading business investing in energy storage systems in the United Kingdom and the Republic of Ireland, providing investors with positive impact returns in this sector of the green infrastructure space.

    Ronald Paterson, Partner, Eversheds Sutherland said:

    We are very pleased to have assisted GSEO and GRID on their fund raisings and to continue our involvement in the investment trust sector which continues to be a prominent source of funding for clean energy and infrastructure investment.

    The Eversheds Sutherland team included Ronald Paterson, Partner, Investment Funds; Sarah Burnside, Principal Associate, Investment Funds;  Caroline Clapham, Partner, Corporate and Clean Energy; Camilla Spielman, Legal Director, Tax; Grace Li, Associate, Investment Funds; and Stewart Mclay, Associate, Investment Funds.

    Eversheds Sutherland advised Gresham House Energy Storage Fund PLC (the Fund) on the acquisition of three utility-scale battery storage projects. Read the press release >

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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