Eversheds Sutherland advises on IPO of Gresham House Energy Storage Fund

Eversheds Sutherland has advised on the £100m Initial Public Offering by Cantor Fitzgerald Europe of shares in Gresham House Energy Storage Fund PLC (the Fund) a new investment trust company managed by Gresham House Asset Management (GHAM).

The Fund is investing in operational Energy Storage Systems (ESS) sourced and developed by GHAM and is differentiated from previous ESS funds by having a defined and disclosed pipeline of assets to invest in. An initial seed portfolio of ESS assets with a capacity of 70 MW was acquired on the Fund’s admission to the Specialist Funds Segment of the London Stock Exchange’s Main Market.

The cross-practice Eversheds Sutherland team was led by Partner Ronald Paterson (financial services). Partner Stephen Hill and Principal Associate Caroline Clapham (both corporate) advised on the acquisition of the ESS assets. Legal director Camilla Spielman advised on tax.

Ronald Paterson commented:

“We are delighted that the Fund has successfully launched on the London Stock Exchange’s Specialist Funds Segment. This transaction brings together our experience in three areas where we are recognised as leading players – Listed Closed Ended Funds, Funds Tax and Renewable and Clean Energy.”

John S Leggate CBE, Chairman, Gresham House Energy Storage Fund commented:

“The Board really wants to acknowledge the tremendous efforts by everyone to bring this Fund to market. This is a new and highly strategic sector which is of increasing importance as the world decarbonises its energy supply chain.”

Rupert Robinson, Managing Director, Gresham House Asset Management commented:

“We look forward to continuing to work closely with the Board and our advisers to make sure this is the first step on the road to building a large and very successful Fund.”

Robert Peel, Managing Director, Investment Companies Corporate Finance at Cantor Fitzgerald Europe commented

“Eversheds Sutherland provided a first rate team to advise on this complex transaction. Their combination of expertise in financial services, energy storage and tax was greatly valued by all those involved in the IPO.”