Gore Street Energy pockets GBP 150m from oversubscribed share sale

Gore Street Energy Storage Fund plc (LON:GSF) on Tuesday said it has raised GBP 150 million (USD 196.1m/EUR 179.9m) gross from its recent issuance of new ordinary shares that was significantly oversubscribed.

The UK fund has sold nearly 136.4 million shares at GBP 1.1 apiece by way of an initial placing, initial offer for subscription and initial intermediaries offer. While it first targeted only GBP 75 million of proceeds, the target size of the initial issue was doubled in response to strong investor demand.

Gore Street intends to use the net proceeds to acquire and construct new projects in its pipeline. It noted that its investment manager has identified a 1.3-GW-plus pipeline of energy storage opportunities, including 900 MW in the UK, around 375 MW in North America and 100 MW in Europe.

Gore Street has applied to list the newly-issued stock in London. Dealings are anticipated to begin on April 14, it said.

(GBP 1.0 = USD 1.307/EUR 1.199)

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