May 27 (Renewables Now) - Gresham House Energy Storage Fund plc (LON:GRID) has raised GBP 150 million (USD 188.6m/EUR 176.3m) through the initial placing of a new issuance programme, which was announced on Wednesday.

The UK fund focused on utility-scale batteries said the issue was significantly oversubscribed and a scaling back exercise was carried out.

GRID expects that the fundraise and drawings under available debt facilities will fund the majority of its existing pipeline of 747 MW of battery energy storage projects in the UK and Ireland.

“The capital raised allows us to execute on the deployment of the majority of our existing pipeline of 747 MW which will see us reach 1,597 MW in operating capacity in due course,” said Ben Guest, fund manager and head of Gresham House New Energy.

The company will issue about 103.4 million shares as a result of the placing, taking its ordinary shares in issue to about 541.3 million.

(GBP 1 = USD 1.257/EUR 1.175)

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