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Gore Street Energy Storage Fund raises £30.9M to deploy energy storage projects

London-listed Gore Street Energy Storage Fund Plc has raised £30.9 million in gross proceeds from its latest fundraising campaign.

The proceeds consist of £5.91 million from an initial placing and offer for subscription and a £25 million additional commitment from Ireland's National Treasury Management Agency, or NTMA.

The fund said 6,497,267 ordinary shares will be issued at 91 pence each. Of these, 3,821,763 ordinary shares will be issued under the initial placing and 2,675,504 ordinary shares will be used under the subscription offer.

The fundraising included subscriptions by NTMA of 1,624,300 ordinary shares, on top of its additional commitment, and by NEC Energy Solutions Inc. of 1,098,901 ordinary shares.

Gore Street Energy Storage Fund will use proceeds from the initial issue to invest in a diversified portfolio of utility-scale energy storage projects, particularly in Ireland and Northern Ireland.

The fund said it will open applications shortly for investors to subscribe for ordinary shares at 91 pence apiece under the intermediaries offer. Only the intermediaries' retail investor clients in the U.K. will be eligible to participate.

Gore Street Energy Storage Fund currently has a 189-MW portfolio across eight assets in the U.K. and in Ireland. It also has an additional 500-MW pipeline in U.K, Ireland and continental Europe, which it plans to execute against in the coming months.