Energy storage outfit Gore Street is proposing to raise £75m, via an ordinary share issue, to raise funds to acquire and build new projects in the company’s pipeline.
Gore Street has identified a pipeline of investments with a total project size of over 1.3GW in the UK and internationally, offering additional geographical portfolio diversification.
The company plans to issue 68,181,818 new ordinary shares, at a price of 110 pence per ordinary share by way of an initial placing, initial offer for subscription and initial intermediaries offer.
The initial issue could be upscaled subject to demand and board discretion, Gore Street said.
Alex O’Cinneide, CEO of Gore Street Capital, the company’s investment Manager, said: “As predicted since Gore Street’s IPO in 2018, the demand for energy storage has continued to grow exponentially in the UK, Ireland and internationally.
The importance of energy security and the need to rapidly decarbonise global economies is more important than ever before.
“Reflecting these trends, we are screening and executing ever larger transactions and have now built a portfolio with an aggregated capacity of over 700MW.”