Image: Gresham House Energy Storage Fund.
Gresham House Energy Storage Fund has raised £120 million to finance six new energy storage projects.
These new near-term acquisitions – totalling 245MW – are part of its c.485MW new pipeline, although small amounts of the funds will go towards existing energy storage projects.
The funding came from an initial placing and initial offer for subscription, both of which launched on 10 November. They form part of a new share issuance programme to be conducted over the next year, which will finance the full c.485MW portfolio.
A total of 114,285,714 ordinary shares at 1p each have been issued from this latest offering, with Gresham House stating that due to the level of demand seen a scaling back exercise has been undertaken with respect to applicants received pursuant to the placing and offer for subscription.
Ben Guest, lead fund manager and head of Gresham House New Energy, said the company is “delighted with the outcome of the fundraise”, particularly as it comes at a time when the UK is helping to “set the pace globally for the transition to a zero-carbon future”.
“With additional renewable generation capacity comes the requirement for more energy storage to achieve a cost-effective energy transition, and our new pipeline will help meet this need.”
This is Gresham House's largest fundraise to date, having previously raised £15 million through issuing a mix of short and medium-term secured power bonds as well as £31.2 million in an oversubscribed share placing.
However, prior to this, Gresham House fell short of a £58 million target in a share placing that saw it raise £41.6 million, with this funding also going towards acquisitions.