5th Aug 2019 15:22
(Alliance News) - Gore Street Energy Storage Fund PLC on Monday said it has raised GBP30.9 million gross from its fundraising campaign which will be used to invest in energy storage projects.
The GBP30.9 million includes GBP5.9 million from an initial placing and offer for subscription for 6.5 million share at 91 pence each, plus another GBP25 million commitment made by the National Treasury Management Agency. The NTMA also subscribed for 1.6 million of the placing and open offer share.
Shares in Gore Street were untraded at 91.45p in London on Monday afternoon.
NEC Energy Solutions Inc, a related party of Gore Street Energy, subscribed for 1.1 million shares.
"The proceeds of the initial issue will be used to invest in a diversified portfolio of utility scale energy storage projects and in particular the projects in Northern Ireland and the Republic of Ireland as set out in the prospectus," Gore Street said.
"To augment the proceeds of the Initial Issue, as referenced in the announcement on July 31, the company is well placed with funding sources for the Irish projects through the placing programme from investors which have expressed interest in the initial issue but have not been able to invest at this time, from other investment vehicles which are controlled by or have appointed as their investment adviser, the adviser and through debt providers," the company added.
Related Shares:
Gore Street En.