Gore Street Energy Storage Fund targets GBP 75m from share sale

Author: Portland General Electric. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

March 29 (Renewables Now) - Gore Street Energy Storage Fund plc (LON:GSF) announced today it expects to raise some GBP 75 million (USD 98.3m/EUR 89.3m) through the issuance of new ordinary shares.

The fund said in a statement it plans to issue 68.18 million shares at GBP 1.1 apiece by way of an initial placing, initial offer for subscription and initial intermediaries offer. It noted that depending on demand, the initial issue could be upscaled to a maximum of 136.36 million ordinary shares.

The issue price is a discount of about 4.35% to the fund’s closing share price of GBP 1.15 apiece on March 28, 2022, and a premium of about 5.87% to the last reported NAV of GBP 1.039 per ordinary share as at December 31, 2021.

Subject to shareholder approval, the initial issue is set to open on March 29, with the publication of results scheduled for April 12, 2022. Following that transaction, the directors intend to implement a programme of subsequent issues of up to 750 million ordinary shares and/or C shares, less the number of shares issued pursuant to the initial issue.

Gore Street plans to use the net proceeds of the initial issue 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 investments in the UK and internationally.

(GBP 1.0 = USD 1.311/EUR 1.191)

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