Gresham House elevates fresh funds for 485-MW battery pipe

• Gresham House Energy Storage Fund Plc (LON: GRID) has actually increased GBP 120 million (USD 160.2 m/EUR 134.6 m) from a just recently launched share sale aimed at moneying battery storage projects in its pipeline.

UK battery storage fund claimed on Wednesday it has actually released 114.29 million average shares at a cost of GBP 1.05 apiece as part of an initial placement as well as an offer for registration. The offer received solid demand and had to be scaled back.

Funds from the transaction will certainly be assigned to fund Gresham House's 485-MW pipe of energy storage projects. This consists of as much as six brand-new near-term purchases for approximately 245 MW of capability. A small portion of the overall quantity will certainly be made use of to money dedications on particular existing storage space projects.

"We just recently laid out our programme to develop a more 10 projects of c. 485MW of battery storage over the following 12-18 months. This very successful fundraise, our biggest to date, opens a considerable very first step in the following phase of our portfolio development [.]," claimed chairman John Leggate CBE.

Jefferies International Ltd was the sole worldwide coordinator, bookrunner as well as economic advisor of the sale. The new stock is expected to begin trading on the London bourse on November 27.