UK investment outfit Gore Street Capital has raised £30.6m via an energy storage fund share issue for the acquisition of battery projects.
Gore Street Energy Storage Fund placed 30.6 million shares priced at £1 each, lower than the target issue of 100 million shares.
“I am delighted to announce the completion of this initial fundraise, despite the tough prevailing market conditions,” said Gore Street Capital managing partner Alex O’Cinneide.
“The completion of our fundraising confirms our belief that the energy storage market provides a tremendous opportunity for the fund’s investment strategy.”
The fund’s initial portfolio will comprise three lithium-ion battery projects sites worth around £11.2m.
The around 18MW seed portfolio will include the operational 6MW Boulby plant in North Yorkshire and a 49% share of the online 4MW Cenin facility in Wales and the pre-construction 10MW Lower Road development in Essex.
Image: Cenin Renewables
Gore Street fills storage coffers
By EBS