Gore Street plans share sale for new battery storage investments

Author: Images Money. License: Creative Commons, Attribution 2.0 Generic.

March 22 (Renewables Now) - Gore Street Energy Storage Fund plc (LON:GSF) has proposed a share issuance programme in a bid to take advantage of investment opportunities in the industrial battery storage sector.

The London energy storage fund is proposing to issue up to 750 million new ordinary shares and/or C shares via an initial placement, offer for subscription and intermediaries offer, it said on Tuesday. The stock will be issued at a price not exceeding the net asset value per ordinary share, plus a premium to cover expenses related to the issue.

Gore Street Energy intends to use the fresh capital to diversify its energy storage portfolio by accessing a pipeline of future investment opportunities outside the UK and Ireland.

The proposed transaction is seen to lift the fund’s market capitalisation and improve its liquidity.

“The company intends to significantly increase the size of its portfolio and execute against its exclusive near-term pipeline of investments across the UK, US and EU in order to capitalise on the continued growth in demand for energy storage assets [..],” Gore Street Energy said.

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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