Image: Gore Street.
Gore Street Energy Storage Fund has raised £23.7 million through a new share placing.
It has issued 24,627,365 new ordinary shares at 96.1p per ordinary share. The net proceeds of the placing are to be used to fund investment opportunities from its 150MW pipeline of storage assets under exclusivity, it said.
Admission of the shares to the London Stock Exchange is expected tomorrow (8 June), with the shares to rank pari passu - or side by side - with the existing ordinary shares following admission.
This will take Gore Street’s issued share capital to 77,176,180 ordinary shares.
Alex O’Cinneide, CEO of Gore Street Capital, said the level of investor demand has “exceeded our expectations”, adding that it reflects “awareness of the strong income nature of our performing projects in the Covid-19 environment, combined with excellent growth potential in our energy storage asset class”.
"We plan to continue to grow at a rapid pace. We look forward to putting this new capital to work against our extensive, current development portfolio and live investment pipeline."
Gore Street’s available capital since IPO in May 2018 has grown threefold, it said, with O’Cinneide claiming this makes it the “fastest growing of any of the renewable investment trusts”.
Gore Street also recently issued 3,000,000 ordinary shares to JXTG Nippon Oil & Energy for £2.9 million, and has made a number of acquisitions including a 50MW storage system in Scotland. It also acquired a 131MW portfolio, including an operational portfolio of 81MW.
Solar Power Portal spoke to O'Cinneide following the announcement of its 50MW acquisition and JXTG investment to get the detail on Gore Street's future plans.