Gresham House storage fund to raise GBP 30m in share issue

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

February 17 (Renewables Nows) - Gresham House Energy Storage Fund Plc (LON:GRID) on Monday launched a share placing to raise up to GBP 30 million (USD 39m/EUR 36m).

The number of shares to be placed and the price at which they will be offered will be determined once the book-building process is complete on March 2. The placing price is to be above the net asset value per share as of end-December, said to be in the region of GBP 0.101.

Cantor Fitzgerald is acting as bookrunner in the share issue.

The proceeds from the issue will be used to fund a potential acquisition of a project with a capacity that could exceed 50 MW. In addition, following the acquisition of a 40-MW battery storage system in Glassenbury, Kent in December, Gresham House Asset Management Limited is exploring the potential for a 10-MW extension and the potential purchase of a Capacity Market contract that fits within the planned extension.

Gresham House has decided not to extend its Littlebrook project by 5 MW and will instead use the equipment for the Glassenbury extension.

The remaining funds raised from the placing will be used for general working capital.

(GBP 1.0 = USD 1.302/EUR 1.202)

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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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