Gresham House Energy Storage Fund has raised £150m through a share placing to help fund the company’s existing pipeline.
A total of 103,448,275 ordinary shares of £0.01 each were issued.
The placing was significantly oversubscribed and a scaling back exercise has been undertaken, Gresham House Energy Storage said.
Jefferies International acted as sole global coordinator, bookrunner and financial adviser to the company.
Chair of Gresham House Energy Storage Fund chair John Leggate said: “Strong investor demand means that we can commit to further development of our pipeline to create even greater scale and diversification.
“Notwithstanding the substantial demand and level of oversubscription, we have opted to maintain appropriate capital discipline with a view to protecting our level of dividend cover and the potential for future NAV growth whilst maintaining our growth trajectory.
“We are extremely grateful to our investors for their ongoing support for GRID.”
Gresham House New Energy head and fund manager Ben Guest said: “We are delighted to have reached this milestone.
“The capital raised allows us to execute on the deployment of the majority of our Existing Pipeline of 747MW which will see us reach 1597MW in operating capacity in due course.
“As always, I would like to thank our investors for their backing, both in supporting this fundraising as well as for approving the recently-proposed changes to our investment policy which, we anticipate, will unlock significant value for shareholders.”
An application has been made for the new shares to be admitted to trading on the Specialist Fund Segment of the London Stock Exchange’s main market.
Admission is expected to occur and dealings in the New Ordinary Shares to commence at 8am (London time) on 31 May.