TIDMGSEO
RNS Number : 1570H
VH Global Sustainable Energy Oppt.
02 August 2021
VH Global Sustainable Energy Opportunities plc (the
"Company")
2nd August 2021
GSEO commits GBP50m to Australian Energy Transition
VH Global Sustainable Energy Opportunities plc begins Australian
renewable power generation & storage investment programme in
third deal since IPO
VH Global Sustainable Energy Opportunities plc ("GSEO") - a
London-listed investment trust - is pleased to announce a
commitment of GBP50m to acquire a portfolio of distributed solar
generation assets with plans to build embedded battery storage
capacity. The commitment will be split into two deployment tranches
the first of which will be for GBP15m.
The first tranche involves the acquisition of two operating
solar photovoltaic ("PV") sites, totalling 17MW DC, in South
Australia and Queensland, where there are opportunities to support
the Energy Transition utilising energy storage. A critical part of
the investment strategy will be to help stabilize the grid and
decrease the curtailment of renewable power generation by adding 1
to 2hr battery storage capacity at each site. The deployment
programme will continue to extend across the country and focus on
remote sites that are typically located close to clusters of
commercial and industrial consumers. The aim of the strategy is to
provide greater access to clean and dependable energy in remote
load centres while helping accelerate the Energy Transition in
Australia.
Both initial solar PV generation assets combine merchant sales
and long-term corporate PPA revenues as well as Large-scale
Generation Certificates ("LGCs"). In addition, investors will also
benefit from revenues stemming from profitable energy arbitrage
opportunities and frequency services revenues.
An independent assessment of the project, as per the process,
has concluded that it is compliant with the Company's six relevant
Sustainable Development Goals - goals 3, 7, 8, 9 13 and 17 - and
will do no harm in the context of the remaining eleven goals.
Victory Hill will be partnering with Birdwood Energy which was
founded by energy entrepreneurs Scott McGregor, Leigh Newbery and
Graeme Ludlow. The Birdwood team are highly experienced in battery
storage and renewable power generation development and operation,
with a global track record. They bring world-class expertise in the
optimisation of hybrid solar and battery storage systems as well as
a network of high quality commercial and industrial customers to
enhance the value of the portfolio.
The levered return is expected to be ahead of the Company's
target annual dividend yield of 5% and be in line with its target
return of 10%.
To date, approximately 59% of the net proceeds raised on IPO
have now been committed or deployed.
Richard Lum, Co-Chief Investment Officer of Victory Hill Capital
Advisors LLP, adviser to GSEO, said: "We are very cognisant of the
journey which Australians have embarked on to meet the challenges
of addressing climate change, whilst ensuring that the country
benefits from a reliable energy system in which renewable power
generation becomes fully integrated. We are thrilled through this
acquisition, to be part of this strong momentum to achieving global
sustainable energy through investing in the fight against climate
change and ensuring energy access for local communities and
businesses in Australia."
Scott McGregor, CEO of Birdwood Energy, said:
"After decades of experience designing and optimising batteries
around the world, the Birdwood Energy team see this partnership as
an important example of fast-tracking investment into distributed
energy to unlock the transition to a net zero economy. The
Australian market is ripe to benefit from additional flexibility by
utilising energy storage."
www.vh-gseo.com
The Company's LEI is 213800RFHAOF372UU580.
For further information, please contact:
Quill Communications Limited (PR Adviser)
Sarah Gibbons-Cook
Tel: + 44 (0)20 7466 5050 / +44 (0)77 6964 8806
Email: pr@victory-hill.com
Numis Securities Limited (Corporate Broker)
David Benda / Matt Goss / Tod Davis
Tel: +44 (0)20 7260 1000
G10 Capital Limited (AIFM)
Mohammed Rahman / Paul Cowland
Tel: + 44 (0)20 3696 1302
Apex Fund and Corporate Services (UK) Limited (Company
Secretary)
Anthony Lee
Tel: +44 7435 829323
About Victory Hill Capital Advisors LLP
Victory Hill Capital Advisers LLP is the investment-focused
subsidiary of Victory Hill Capital Group LLP. Victory Hill Capital
Advisors LLP (FRN 938594) is an Appointed Representative of G10
Capital Limited, which is authorised and regulated by the Financial
Conduct Authority (FRN 648953).
Victory Hill is based in London and was founded in May 2020 by
an experienced team of energy financiers that have spun-out of a
large established global project finance banking group. The team
have an established track record built over six years while working
together in their previous roles and participating in over $37.1bn
in sustainable energy project transaction values, generating over
24.2 per cent. equity returns. In addition, the team has also
participated in more than $200bn in transaction values across 91
conventional and renewable energy-related transactions in over 30
jurisdictions worldwide, throughout their individual careers. The
average experience per individual is 21 years of relevant energy
finance experience. Victory Hill Capital Advisors LLP is the
investment adviser entity of the Victory Hill group.
The Victory Hill team deploys its experience across different
financial disciplines in order to holistically assess investments
from multiple points of view. The firm pursues operational
stability and well-designed corporate governance to generate
sustainable positive returns for investors. It focuses on
supporting and accelerating the Energy Transition and the
attainment of the UN Sustainable Development Goals.
VHCA is a signatory of the United Nations Principles for
Responsible Investing (UN PRI), the United Nations Global Compact
(UN GC) and is a formal supporter of the Financial Stability
Board's Task-Force on Climate-related Disclosures (TFCD).
END
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