Gore Street loads storage coffers

Apr 28, 2021 11:28 AM ET
  • Share issuance elevates ₤ 135m to finance further investments for the UK-listed fund
Gore Street loads storage coffers
[Image: Gore Street

Gore Street Energy Storage Fund has actually elevated ₤ 135m (EUR156m) through a share issuance, with the proceeds to be used to money additional financial investments.

A total amount of 132,352,941 brand-new ordinary shares have been issued at a cost of ₤ 1.02 a share.

The shares are anticipated to be admitted for trading on the London Stock Exchange at 8.00 am local time on 27 April.

On admission, the firm's provided share capital will certainly consist of 276,224,622 ordinary shares, none of which will certainly be held in treasury.

Gore Street Capital chief executive O'Cinneide claimed: "We are delighted that we once again have had such strong demand for our fundraise from both institutional as well as retail investors, the scale of which virtually increases our market capitalisation.

" Our company believe this shows the extensive understanding of energy storage's ever before enhancing function in national energy safety as well as Gore Street Capital's role as the leading investment manager in this distinct market at once when there has actually never been a more appealing macro atmosphere for investment in the property class.

" As we approach our 3rd anniversary, we are extremely proud of the growth of the Company.

" Gore Street has actually expanded its portfolio from 6MW to 440MW, currently the largest energy storage space portfolio readily available to a monetary capitalist and also in parallel we have actually provided on our pledges to financiers on an industry leading reward, portfolio returns and also diversity.

" We anticipate investing the profits versus our considerable pipe of attractive value-accretive procurements and also ongoing growth opportunities for the advantage of our brand-new and also existing investors."

Gore Street Capital is Gore Street Energy Storage space Fund's investment supervisor.