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Gore Street raises GBP 3.5m for energy storage investments

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

February 10 (Renewables Now) - Gore Street Energy Storage Fund plc (LON:GSF) last week announced it has raised GBP 3.5 million (USD 4.5m/EUR 4.1m) in gross proceeds from a share issue to fund energy storage projects.

The energy storage fund has placed 3.6 million new ordinary shares at a price of GBP 0.955 apiece. The new shares are expected to start trading on February 11.

Net proceeds from the issue will be used to finance projects from the fund's pipeline in the UK and abroad, according to the statement. Announcing the share issue, the fund said the proceeds from its share placing in October had been successfully committed by January 31.

The fund's portfolio of international energy storage projects has a total capacity of 189 MW.

(GBP 1.0 = USD 1.293/EUR 1.182)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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