23rd Apr 2021 14:35
Gore Street Energy Storage Fund PLC - London-based fund investing in energy storage assets - Raises GBP135 million for the development pipeline of 1.3 gigawatts of accretive opportunities and potential acquisition of an 80 megawatts project expected in the coming weeks. Notes the 132.4 million share placing and PrimaryBid offer launched earlier this month were priced at 102 pence per share. Says proceeds will also be used to accelerate development of its existing portfolio, including the Ireland assets' expansion to 90 megawatts from 30 megawatts.
"We are delighted that we once again have had such strong demand for our fundraise from both institutional and retail investors, the scale of which almost doubles our market capitalisation. We believe this reflects the widespread understanding of energy storage's ever increasing role in national energy security and Gore Street Capital's role as the leading investment manager in this unique sector at a time when there has never been a more attractive macro environment for investment in the asset class," says Alex O'Cinneide, chief executive of Gore Street Capital, Gore Street Energy's investment manager.
Current stock price: 102.94p with a market capitalisation of GBP147.5 million
Year-to-date change: down 1.0%
By Zoe Wickens; [email protected]
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