Gresham House Renewable Energy VCT 2 plc
Coronavirus – investment portfolio impact:
The majority, by value and revenue, of the company’s assets are ground mounted solar parks and roof-mounted solar installations. Solar farms, by their nature, require a relatively low level of human presence and we therefore expect to be able to maintain normal commercial operations without significant disruption. The impact of coronavirus, and the Government’s response to it, should therefore be relatively limited under normal operations. The Board notes that there are risks should any assets require significant, unexpected repair or maintenance work , as both supply chains for spare parts and the availability of maintenance technicians may be restricted.
Key documents
Gresham House Renewable Energy VCT 2 plc is a venture capital trust that seeks to provide investors with tax-efficient returns on their investment.
It has largely invested in a portfolio of unquoted companies specialising in long-term renewable energy generating projects. 
It is looking to make further investments in new and growing sustainable businesses.
Why invest?
The investment team has a strong track record in the conception, delivery and management of new energy projects in the UK.
Importantly, the team has a proven ability to meet – and often exceed – target returns, through a combination of refinancing, restructuring or extending projects, as well as through operational enhancements.
The Gresham House Renewable Energy VCTs seek to provide shareholders with a reliable source of tax-free income.
Investment approach
The funds have largely been invested in a portfolio of mature renewable energy generating assets that are generating electricity and earning revenues both from the sale of electricity and from government incentives to support the development of renewable energy generation capacity (feed-in tariffs and renewable obligation certificates).
The company seeks to make a small number of new investments, ideally in sustainable or related businesses.
How to invest
Investors can access ordinary shares in the fund on the stock exchange (ticker: GV2O)
Prospective investors can buy new shares when the fund issues new shares through an offer for subscription. Contact us to receive information about share offers when they become available.
Shares already in issue can be purchased on the secondary market via a stockbroker or authorised share dealing service. To register your interest to buy or sell shares please contact Chris Lloyd at Panmure Gordon (UK) Limited, the Company’s market maker:
Chris Lloyd
T: 0207 886 2716
E: Chris.lloyd@panmure.com
Important information: Prospective investors should carefully consider the risks associated with this form of investment and seek advice from a qualified financial adviser. Investment in smaller unquoted companies involves a higher degree of risk than investment in larger companies. VCT shares are infrequently traded, so shares are often valued at a discount to their Net Asset Value and may be difficult to realise. Shareholders may be offered a price which is less than the full value of the underlying assets.
Investments
Connected to the grid in March 2013, it has 2.0 ROC accreditation, and consists of approximately 22,000 Trina solar modules on 30 acres. The farm was constructed by S.A.G Solar and developed by AEE Renewables.
Location: Tiverton, Devon
MW: 5.5
Subsidy: 2.0 ROCs
Date of Commission: March 2013
Connected to the grid in October 2011 the solar park is accredited under the Feed-in Tariff (FiT) scheme. It consists of approximately 21,200 Canadian Solar and Trina solar modules on c.42 acres. The farm was constructed by Graess Solartechnik GmbH and developed by AEE Renewables.
Location: Swindon, Wiltshire
MW: 5
Subsidy: Feed-In Tariff
Date of Commission: October 2011
Connected to the grid in October 2011 the solar park is accredited under the Feed-in Tariff (FiT) scheme. It consists of approximately 21,000 Canadian Solar and Trina solar modules on c.37 acres. The farm was constructed by Graess Solartechnik GmbH and developed by AEE Renewables.
Location: Bradford on Avon
MW: 5
Subsidy: Feed-in Tariff (FiT)
Date of Commission: October 2011
Connected to the grid in October 2011 the solar park is accredited under the Feed-in Tariff (FiT) scheme. It consists of approximately 21,300 Jinko Solar and Honda Soltec solar modules on c.33 acres. The farm was constructed by Graess Solartechnik GmbH and developed by AEE Renewables.
Location: Swindon, Wiltshire
MW: 5
Subsidy: Feed-in Tariff (FiT)
Date of Commission: October 2011
Connected to the grid in October 2011 the solar park is accredited under the Feed-in Tariff (FiT) scheme. It consists of approximately 17,000 Jinko Solar modules on c.31 acres. The farm was constructed by Graess Solartechnik GmbH and developed by AEE Renewables.
Location: Axminster, Devon
MW: 4
Subsidy: Feed-in Tariff (FiT)
Date of Commission: October 2011
Connected to the grid in March 2014, it has 1.6 ROC accreditation, and consists of approximately 12,900 Hanwha Solar panels on c.18 acres. The farm was constructed and developed by Ideemasun GMBH.
Location: Lowestoft, Suffolk
MW: 3.2
Subsidy: 1.6 Renewables Obligation Certificates (ROCs)
Date of Commission: February 2014
Hewas Solar Limited owns a portfolio of 875 roof-mounted solar assets totalling 1.9MW situated on housing association property located in both Manchester and Cardiff. The company financed the capital costs of installing equipment and in return receives the Feed In Tariff income. Residents of the housing associations are able to use the electricity generated by the installations free of charge. Roof-top installations were undertaken during November and December 2011. The company has entered into a fixed term O&M agreement with Anesco Limited.
Location: Manchester and Cardiff
MW: 1.9
Subsidy: Feed-In Tariff
Date of Commission: November and December 2011
Gloucester Wind Limited owns a portfolio of 385 roof-mounted solar assets totalling 1.2 MW situated on residential properties throughout England and Wales, with the largest concentration of pv systems in Liverpool (35%) . The company financed the capital costs of installing equipment and is receiving the Feed In Tariff income in return. Home owners are able to use the electricity generated by the installations free of charge. Roof-top installations commenced in June 2012 and were completed over the subsequent 6 months.
Location: England & Wales
MW: 1.2
Subsidy: Feed-In Tariff
Date of Commission: Commenced June 2012
St Columb Solar Limited owns a portfolio of 347 roof-mounted solar assets totalling 0.83MW situated on housing association property located in both Manchester and Glasgow. The company financed the capital costs of installing equipment and in return receives the Feed In Tariff income. Residents of the housing associations are able to use the electricity generated by the installations free of charge. Roof-top installations were undertaken during November and December 2011. The company has entered into a fixed term O&M agreement with Anesco Limited.
Location: Manchester and Glasgow
MW: 0.83
Subsidy: Feed-In Tariff
Date of Commission: November & December 2011
HRE Willow owns a 66.5kW portfolio of wind turbines located on largely farmer-owned sites located throughout East Anglia. Each project is a single or multiple turbine site which has its own distinct equipment location agreement, planning permission and FiT accreditation (through MCS). The developer, Windcrop Limited, offered a complete turnkey solution where they developed, built and commissioned each site. The land owner is entitled to free electricity produced by the turbines with HRE Willow collecting both the Feed In Tariff and Export revenue for any surplus that the land owner does not consume. Windcrop is in administration and Evance (now Britwind) has taken over the O&M.
Location: East Anglia
MW: 0.66
Subsidy: Feed-In Tariff
Tumblewind Limited owns a 66.5kW portfolio of wind turbines located on largely farmer-owned sites located throughout East Anglia. Each project is a single or multiple turbine site which has its own distinct equipment location agreement, planning permission and FiT accreditation (through MCS). The developer, Windcrop Limited, offered a complete turnkey solution where they developed, built and commissioned each site. The land owner is entitled to free electricity produced by the turbines with Tumblewind Limited collecting both the Feed In Tariff and Export revenue for any surplus that the land owner does not consume. Windcrop is in administration and Evance (now Britwind) has taken over the O&M.
Location: East Anglia
MW: 0.66
Subsidy: Feed-In Tariff
Connected to the grid in October 2011 the solar park is accredited under the Feed-in Tariff (FiT) scheme. It consists of approximately 3,200 Canadian Solar and Q Cells solar modules on c.7 acres. The farm was constructed by Anesco Limited.
Location: Shipton-under-Wychwood
MW: 0.65
Subsidy: Feed-in Tariff (FiT)
Date of Commission: September 2011
Connected to the grid in October 2011 the solar park is accredited under the Feed-in Tariff (FiT) scheme. It consists of approximately 2,900 Canadian Solar and Suntech solar modules on c.5 acres. The farm was constructed by Anesco Limited.
Location: Ilminster, Somerset
MW: 0.65
Subsidy: Feed-in Tariff (FiT)
Date of Commission: October 2011
Minsmere Power Limited owns a portfolio of 69 small scale 5kW wind turbines located on domestic sites located throughout Norfolk. The land owner is entitled to free electricity produced by the turbines with Minsmere Power Limited collecting the Feed In Tariffs for the generation of the electricity and the export tariff of any electricity unused by the home.
Location: Norfolk
MW: 0.35
Subsidy: Feed-In Tariff
Penhale Solar Limited owns 338kW of rooftop solar assets installed across nine rooftop installations at eight schools located in Surrey, East Sussex and Kent. The schools receive free electricity generated by the solar modules and the Company receives Feed-In Tariff and export revenue.
Location: England
MW: 338kW
Subsidy: Feed-In Tariff
Date of Commission: Commenced in 2013
Gresham House Renewable Energy VCT 2 plc Board
Investment team
Investor relations queries
Shareholder information
Link Group is our registrar and they offer many services to make managing your shareholding easier and more efficient.
Signal Shares
Signal Shares is a secure online site where you can manage your shareholding quickly and easily. You can:
- View your holding and get an indicative valuation
- Change your address
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- View your dividend payment history
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- Register your proxy voting instruction
- Download a stock transfer form
To register for Signal Shares just visit www.signalshares.com. All you need is your investor code, which can be found on your share certificate or your dividend confirmation voucher.
Customer Support Centre
Alternatively, you can contact Link’s dedicated VCT Customer Support Centre which is available to answer any queries you have in relation to your shareholding:
By phone – UK – 0371 664 0324
(Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 09:00 – 17:30, Monday to Friday excluding public holidays in England and Wales).
By email – vcts@linkgroup.co.uk
By post – Link Group, 10th Floor, Central Square, 29 Wellington Street, Leeds, LS1 4DL
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Help us to save paper and get your shareholder information quickly and securely by signing up to receive your shareholder communications by email.
Registering for electronic communications is very straightforward. Just visit www.signalshares.com. All you need is your investor code, which can be found on your share certificate or your dividend confirmation voucher.
Arrange to have your dividends paid direct into your bank account
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- Helps reduce cheque fraud.
If you have a UK bank account you can sign up for this service on Signal shares (by clicking on ‘your dividend options’ and following the on screen instructions) or by contacting the Customer Support Centre.
Share fraud warning
Share fraud includes scams where investors are called out of the blue and offered shares that often turn out to be worthless or non-existent, or an inflated price for shares they own. These calls come from fraudsters operating in ‘boiler rooms’ that are mostly based abroad.
While high profits are promised, those who buy or sell shares in this way usually lose their money.
The Financial Conduct Authority (FCA) has found most share fraud victims are experienced investors who lose an average of £20,000, with around £200m lost in the UK each year.
Protect yourself
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Report a scam
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If you have already paid money to share fraudsters you should contact Action Fraud on 0300 123 2040.
Shareholder information
View the key shareholder information for this company.
View on the London Stock Exchange.
Please note the above numbers are indicative only.
Dividend history
Ordinary Shares – Past Dividends
| Date Paid | Type | Pence per share |
| 30 March 2012 | Final | 3.50 |
| 28 March 2013 | Final | 5.00 |
| 28 February 2014 | Special | 7.30 |
| 28 March 2014 | Final | 5.00 |
| 18 September 2015 | Interim | 5.00 |
| 16 September 2016 | Interim | 5.00 |
| 15 September 2017 | Interim | 5.00 |
| 14 December 2018 | Final | 5.50 |
| 20 December 2019 | Final | 5.31 |
| 31 December 2020 | Final | 5.31 |
| Total | 51.92 |
A Shares
| Date paid | Type | Pence per share |
| 28 February 2014 | Special | 3.70 |
| 14 December 2018 | Special | 0.50 |
| 20 December 2019 | Special | 0.49 |
| 31 December 2020 | Special | 0.49 |
| Total | 5.18 |
Latest dividends
5.5p per per Ordinary Share paid on 31 December 2020 to Shareholders on the register at 11 December 2020.
| VCT 2 DETAILS | ADDITIONAL INFORMATION |
| Ordinary Shares: | Directors: |
| TIDM Code: GV2O ISIN number: GB00B43GVJ82 SEDOL number: B43GVJ8 | Christian Yates (Chairman) Matthew Evans Giles Clark |
| A Shares: | Company Secretary, Administration Adviser and Registered Office: |
| TIDM Code: GV2A ISIN number: GB00B4KWC525 SEDOL number: B4KWC52 | JTC (UK) Limited 18th Floor The Scalpel, 52 Lime Street London EC3M 7AF |
| Shareholder Circular: | Investment Adviser: |
| The Company published a Shareholder Circular dated 16 October 2017 in connection with proposals for the reorganisation of the Company. | Gresham House Asset Management Limited 80 Cheapside London EC2V 6EE T: 020 3837 6270 W: www.greshamhouse.com |
| Latest dividends: | Registrar: |
| 5.5p per per Ordinary Share paid on 31 December 2020 to Shareholders on the register at 11 December 2020. | Link Asset Services The Registry 34 Beckenham Road Beckenham Kent BR3 4TU T: 0871 664 0324 (calls cost 12p per minute plus network extras, lines open Monday to Friday 0900 to 1730) W: www.linkassetservices.com |
| Next dividends: | |
| TBC |