Gore Street seeks battery war chest

Apr 7, 2021 11:23 AM ET
  • Capital increased will certainly go towards completion of a near-term acquisition and growth of its Irish projects
Gore Street seeks battery war chest
Image: Anesco

Gore Street is recommending a problem of new regular shares to elevate capital that will go in the direction of conclusion of a near-term acquisition of an 80MW energy storage project.

Proceeds will be released in regard to increasing advancement of the Company's existing portfolio, including the development of its battery storage projects in the Republic of Ireland from 30MW to 90MW.

Gore Street has a 1.3 GW pipe and also the capital elevated will be invested in the pipeline.

Gore Street is suggesting a concern of new ordinary shares at a price of 102 cent per share, by way of a non-pre-emptive positioning pursuant to the company's putting programme.

There remain up to 190 million brand-new ordinary shares readily available for issuance pursuant to the positioning programme, which makes up a subsequent placement, therefore is specified in the prospectus.

The issue cost represents a price cut of about 6.2% to the closing middle market share cost of 108.7 cent per share on 1 April 2021 and also a premium of about 2.4% to the last reported internet asset worth of 99.6 cent as at 31 December 2020.

The placement is open with prompt effect.

The ₤ 60m equity raising finished by Gore Street in December 2020 has actually already been fully alloted throughout the existing portfolio properties with the majority being committed similarly in between the Northern Ireland storage properties and also the Republic of Ireland storage assets, with the remainder on various other growth assets in the company's portfolio.

Gore Street Capital Chief Executive Officer Alex O'Cinneide claimed: "I am delighted to introduce this positioning as well as retail offer to advance our ambitious development plans.

" This complies with the fast and also effective full implementation of the ₤ 60 million elevated last December.

" This succeeding positioning under the positioning programme has actually been gone for an essential time for the development of the energy storage space property course, with increasing global governing support most just recently with the brand-new Dynamic Containment income stream that the company is capitalising on for its operational GB portfolio.

" Gore Street Capital is strongly positioned to make use of a significant pipeline of 1.3 GW of attractive accretive possibilities. We expect leveraging our experience and also tested capital self-control to discover the very best possibilities to create additional investor value."