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Gore Street pockets GBP 30.9m for energy storage investments

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

August 6 (Renewables Now) - Gore Street Energy Storage Fund plc (LON:GSF) has secured around GBP 30.9 million (USD 37.6m/EUR 33.6m) gross from a combined fundraising campaign that will enable it to expand its energy storage portfolio, particularly in Northern Ireland and the Republic of Ireland.

Since its GBP-30.6 million (USD 40.4m/EUR 34.5m) initial public offering (IPO) in London last May, the energy storage fund has boosted its portfolio to 189 MW in the UK and the Republic of Ireland, with its assets under management totalling almost GBP 62 million. The company has 500 MW in pipeline in the UK, Ireland and continental Europe, which it plans to execute against in the coming months.

The fresh funds raised include GBP 5.91 million gross from an initial placing of 3.82 million ordinary shares and the sale of 2.68 million ordinary shares under an offer for subscription. These shares were offered at GBP 0.91 apiece. Separately, Ireland’s National Treasury Management Agency (NTMA) has committed to invest GBP 25 million in Gore Street Energy and, in addition to that commitment, it has subscribed for 1.62 million of ordinary shares in the campaign. 

NEC Energy Solutions Inc, a shareholder of the fund, has participated in the transaction by subscribing for 1.1 million of ordinary stock.

Meanwhile, an intermediaries offer has been launched on August 5, under which investors who were not able to invest in the initial issuance through specific investment vehicles will have the option to buy ordinary shares at the abovementioned price. It is open for the intermediaries' retail investor clients in the UK only and closes on August 13.

(GBP 1.0 = USD 1.218/EUR 1.087)

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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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