Gore Street Energy Storage Fund is seeking shareholder approval for changes to its investment policy.
The UK-based investor in energy storage assets is seeking to invest a greater percentage of its funds into project opportunities outside the UK and the Republic of Ireland.
This move would allow Gore Street to take advantage of the investment manager’s “considerable pipeline” of energy storage opportunities in other markets as well as increase the limit on borrowings and clarify its approach to currency hedging.
Gore Street said it intends to “significantly increase” the size of its portfolio and execute against its exclusive near-term pipeline of investments across the UK, US and EU in order to capitalise on the continued growth in demand for energy storage assets which are “increasingly significant” infrastructure projects for ongoing energy security in the UK and internationally.
The company is proposing to issue up to 750 million new ordinary shares and/or C Shares (in aggregate) pursuant to an initial issue, comprising an initial placing, offer for subscription and intermediaries offer, and thereafter a 12-month share issuance programme.
Increasing the market capitalisation of Gore Street will help to make it attractive to a wider investor base, including to investors who have expressed a preference for investing in larger investment trusts, it stated.
Gore Street said the ability to employ greater leverage is expected to enable the it to expand the size and scale of operations, support the development of an expanding portfolio, and ultimately to seek to enhance profitability.