May 28 (Renewables Now) - Gresham House Energy Storage Fund plc (LON:GRID) has raised GBP 49.72 million (USD 63m/EUR 56.3m) gross in a placing of new ordinary shares, aimed at expanding its energy storage portfolio through new acquisitions.
The fund, launched by UK asset management firm Gresham House Plc (LON:GHE), currently owns 70 MW of energy storage assets in the UK and has an additional exclusive pipeline of utility-scale projects in Great Britain.
"The Company benefits from an attractive pipeline and we expect to deploy the proceeds by the beginning of next spring, consistent with our expectations at the time of the initial public offering (IPO) in November 2018," said John Leggate, chairman of Gresham House Energy Storage Fund.
As part of the transaction, the Gresham House fund issued some 49.23 million shares at a price of GBP 1.01 apiece. It expects to use the raised net proceeds in full by the end of the first quarter of 2020.
The newly-issued stock will be traded on the London stock exchange, with admission expected on May 31.
Gresham House Energy Storage Fund anticipates to carry out one or more additional offerings under its placing programme, which will be open by October 16, 2019.
(GBP 1.0 = USD 1.267/EUR 1.133)