Gore Street sells shares, plans buys

Gore Street Energy Storage Fund plc (LON:GSF) on Friday announced the sale of GBP 2.88 million (USD 3.58m/EUR 3.19m) in shares to a Japanese investor and the launch of a share placement, while also providing an update on planned acquisitions.

The energy storage fund has sold 3 million ordinary shares at GBP 0.961 apiece, a price equal to the company's net asset value as of December 31. The buyer is JXTG Nippon Oil & Energy Corp, part of Japanese energy company JXTG Holdings Inc (TYO:5020). The investment is in line with the buyer's efforts to diversify from oil and cut the carbon footprint of its power business.

Gore Street also proposed an issue of ordinary shares priced at GBP 0.961 each as part of a placing programme, in which there are up to 78 million new shares available for sale, according to the statement. Results from the placing are expected on July 3. In addition, the fund said it plans an offer of new shares on the PrimaryBid platform.

The funds to be raised will be used to finance the fund's development pipeline and potential acquisitions in the near term. Gore Street expects to announce an acquisition of 50 MW of energy storage capacity in Scotland shortly, while preparing for a near-term acquisition of a 20-MW asset near London, for which it has secured exclusivity.

The latest developments come after in February the fund secured exclusivity on a 140-MW pipeline. It noted that it has an additional 900 MW in exclusivity and or in the pipeline.

(GBP 1.0 = USD 1.242/EUR 1.107)

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