Gore Street is proposing an issue of new ordinary shares to raise capital that will go towards completion of a near-term acquisition of an 80MW energy storage project.
Proceeds will be deployed in relation to accelerating development of the Company’s existing portfolio, including the expansion of its battery storage projects in the Republic of Ireland from 30MW to 90MW.
Gore Street has a 1.3GW pipeline and the capital raised will be invested in the pipeline.
Gore Street is proposing an issue of new ordinary shares at a price of 102 pence per share, by way of a non-pre-emptive placing pursuant to the company’s placing programme.
There remain up to 190 million new ordinary shares available for issuance pursuant to the placing programme, which constitutes a subsequent placing, as such is defined in the prospectus.
The issue price represents a discount of approximately 6.2% to the closing middle market share price of 108.7 pence per share on 1 April 2021 and a premium of approximately 2.4% to the last reported net asset value of 99.6 pence as at 31 December 2020.
The placing is open with immediate effect.
The £60m equity raise completed by Gore Street in December 2020 has already been fully allocated across the existing portfolio assets with the majority being committed equally between the Northern Ireland storage assets and the Republic of Ireland storage assets, with the remainder on other development assets in the company’s portfolio.
Gore Street Capital CEO Alex O’Cinneide said: “I am delighted to announce this placing and retail offer to progress our ambitious growth plans.
“This follows the rapid and successful full deployment of the £60 million raised last December.
“This subsequent placing under the placing programme has been launched at a critical time for the development of the energy storage asset class, with increasing international regulatory support most recently with the new Dynamic Containment revenue stream that the company is capitalising on for its operational GB portfolio.
“Gore Street Capital is strongly positioned to take advantage of a major pipeline of 1.3GW of attractive accretive opportunities. We look forward to leveraging our experience and proven capital discipline to find the best opportunities to generate further shareholder value.”