November 9 (Renewables Now) - Gresham House Energy Storage Fund plc (LON:GRID), launched by UK asset management firm Gresham House Plc (LON:GHE), has raised gross proceeds of GBP 100 million (USD 130m/EUR 115m) in its initial public offering (IPO), the fund announced today.
The fund will spend GBP 57.22 million of the proceeds on buying a seed portfolio of five operational sites with a combined capacity of 70 MW. It will then invest in an exclusive pipeline of utility-scale energy storage systems in Great Britain. The assets provide grid stability services to the National Grid, the company said.
The fund's shares are expected to be admitted to the specialist fund segment of the London Stock Exchange's main market on November 13.
"We now have a strong platform from which to grow the Fund and are very excited to commence investing in energy storage systems on behalf of our investors," said John Leggate, chairman of Gresham House Energy Storage Fund. Leggate added the company aims to build a substantial fund in the fast-growing sector, using the placing programme to raise further funds for the acquisition of the other pipeline assets.
(GBP 1 = USD 1.303/EUR 1.148)