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
Link Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
www.linkassetservices.com
0371 664 0324*
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Annual General Meeting (AGM)
Further details about the format of the AGM can be found on page 6 of the Gresham House Renewable Energy VCT 2 plc Annual Report.
The Notice of AGM has been released on the website and will be posted alongside a hard copy of the annual report for those shareholders who have specifically requested to receive a copy.
Register for the AGM here.