The private offer is being made by Gresham House Energy Storage Holdings plc and is targeting a raise of approximately £15 million through an initial series of 5.0% per annum fixed rate bonds.  The GRID Power Bonds may be issued in one or more series, with each Series having a term of five years from its issue date, redeemable by the Issuer with no penalty after two years. It is intended that the proceeds of the initial Series will be used, among other things, to acquire an operating asset which is at an advanced stage of due diligence. The addition of this project to the Company's existing portfolio of operational assets is expected to be accretive to the Fund's cash flow and NAV per share.