Gore Street fills storage coffers

Share issuance raises £135m to finance further investments for the UK-listed fund.

Gore Street Energy Storage Fund has raised £135m (€156m) through a share issuance, with the proceeds to be used to fund further investments.

A total of 132,352,941 new ordinary shares have been issued at a price of £1.02 a share.

The shares are expected to be admitted for trading on the London Stock Exchange at 8.00am local time on 27 April.
On admission, the company’s issued share capital will comprise 276,224,622 ordinary shares, none of which will be held in treasury.

Gore Street Capital chief executive O’Cinneide said: “We are delighted that we once again have had such strong demand for our fundraise from both institutional and retail investors, the scale of which almost doubles our market capitalisation.

“We believe this reflects the widespread understanding of energy storage’s ever increasing role in national energy security and Gore Street Capital’s role as the leading investment manager in this unique sector at a time when there has never been a more attractive macro environment for investment in the asset class.

“As we approach our third anniversary, we are very proud of the growth of the Company.

“Gore Street has grown its portfolio from 6MW to 440MW, now the largest energy storage portfolio available to a financial investor and in parallel we have delivered on our promises to investors on a sector leading dividend, portfolio returns and diversification.

“We look forward to investing the proceeds against our considerable pipeline of attractive value-accretive acquisitions and ongoing development opportunities for the benefit of our new and existing shareholders.”

Gore Street Capital is Gore Street Energy Storage Fund’s investment manager.

Source: renews