17th Oct 2019 11:28
(Alliance News) - Gore Street Energy Storage Fund PLC on Thursday said it has raised GBP10.7 million in gross proceeds via equity issue to fund new investments.
The London-based investment fund focused on energy storage assets said GBP9.5 million were raised from Irish sovereign wealth fund National Treasury & Management Agency, and the remaining GBP1.2 million from new and existing institutional investors as part of the company's ongoing placing programme.
Under the placing, the company issued 1.3 million new shares at 93.8 pence each. On admission, the company's issued share capital will comprise 48.9 million shares.
Gore Street Energy shares were down 0.8% at 94.0p in London on Thursday.
"Our pipeline has grown substantially since our initial public offering, growing from over 500 megawatt to over one gigawatt across 21 projects today. Together, these reinforce our position as the leading manager investing in this sector globally. We are very proud of managing a hugely capital efficient model with all funds raised to date fully utilised in our international portfolio," said Alex O'Cinneide, chief executive of the company's investment manager Gore Street Capital.
"Over the coming quarters we expect to announce a series of further investments in assets across our target markets and look forward to briefing the market on them in due course," O'Cinneide added.
By Tapan Panchal; [email protected]
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