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REG - Gresham HouseRE VCT2 - Update on Sale of Solar Assets

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RNS Number : 4813Z  Gresham House Renewable EnergyVCT2   14 September 2022

14 September 2022

 

GRESHAM HOUSE RENEWABLE ENERGY VCT 2 PLC

(the "Company", the "VCT")

 

Update on Sale of Solar Assets

 

The Board is pleased to report that it is anticipated that there will be a
significant rise in the Net Asset Value attributable to the shares of both
Gresham House Renewable VCT 1 and Gresham House Renewable VCT 2 as a result of
the recent surge in, and longer term outlook for, power prices. Higher
expectations for inflation have also had a positive impact on the Net Asset
Value of the assets. In addition, following remedial works the assets have
performed well over the summer months leading to higher revenues than in
recent years.  Full details will be released in the Annual Report for the
year ending September 2022.

 

Should high inflation be sustained for the longer term and/or the security of
gas supply from Russia remain the key factor in European energy markets
leading to continued high power prices, it is the Investment Adviser's view
that the value of these assets will remain at a higher level and may increase
further. The Investment Adviser is also aware that there could be other
changes to general taxation and to the remuneration regime for renewables that
could also affect value.

 

These favourable developments have made the task of completing a sales process
challenging. The VCTs entered an exclusivity deal with a potential buyer which
expired without completion on 12 September, as pricing to reflect the current
market movements has not been agreed. The Board, working with the Investment
Adviser, will continue to make best efforts to achieve a sale as soon as
possible, whilst taking into account the overriding requirement to achieve
fair value for shareholders. This will need engagement with other potential
buyers.  Hence it will be some time before the completion of any sale.

 

 

END

 

For further information, please contact:

 Gresham House Asset Management  Renewablevcts@greshamhouse.com (mailto:Renewablevcts@greshamhouse.com)
 Investor Relations              Tel: 020 7382 0999

 JTC (UK) Limited                GreshamVCTs@jtcgroup.com (mailto:GreshamVCTs@jtcgroup.com)
 Company Secretary
Tel: 020 3846 9774

 

 

LEI: 213800GQ3JQE2M214C75

 

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