Gore Street plans share issue programme to fund portfolio expansion
Author: Portland General Electric. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.
Gore Street Energy Storage Fund plc (LON:GSF) has proposed a share sale programme intended to finance the planned expansion of the fund's portfolio.
The fund is eyeing a pipeline of projects with a combined size of 1.3 GW and plans to expand its portfolio significantly in view of the strong demand for energy storage.
The programme includes an initial issue of up to 60 million shares and a subsequent placing of up to 250 million shares. The shares will be issued at a price not below the net asset value per share and a premium to meet the expenses related to the issue.
The fund's portfolio currently consists of 14 energy storage projects with a combined capacity of 320 MW, including 110 MW of operational projects.
Gore Street will seek approval for its programme at a general meeting of its shareholders on December 7.