October 31 (Renewables Now) - UK asset manager Gresham House Plc (LON:GHE) said today it has acquired the asset management arm of clean energy-focused firm Hazel Capital LLP and announced that it will take stakes in three energy storage projects of the latter.
Gresham will spend GBP 2.6 million (USD 3.4m/EUR 3m) in total on the acquisition and battery storage investment. It is paying GBP 600,000 million in cash for Hazel Capital's asset management business, while investment in the projects will be split between GBP 750,000 in cash and GBP 1.25 million in new shares.
A new division -- Gresham House New Energy -- will be formed after the Hazel Capital acquisition. It will have GBP 100 million in assets under management and a pipeline of development assets. Anthony Dalwood, CEO of Gresham House, said there is significant growth opportunity in renewables and associated new energy infrastructure.
“Gresham House New Energy will leverage the specialist technical and investment expertise of the Hazel Capital team to drive organic growth, including new product launches, whilst further diversifying the Gresham House product portfolio,” Dalwood added.
Hazel Capital has developed or acquired around 300 MW of solar assets in the UK since 2010. In 2015 it set foot on the battery storage and electric car charging infrastructure markets. This year it expects to commission three energy storage system (ESS) projects, totalling 85 MW.
(GBP 1 = USD 1.32/EUR 1.13)