Gresham House Energy Storage Fund is seeking to raise £80m through a share placing.
The new equity raised will primarily be used to finance 160MW of solar with co-located four-hour battery projects in California, US, known as Project Iliad.
Project Iliad requires a total equity consideration through to commissioning of £135m.
It has been progressed over the last six months is expected to generate significant net asset value (NAV) per share gains once fully commissioned.
Gresham House Energy Storage Fund is proposing placing of ordinary shares of 1p each in the capital of the company to institutional investors.
In addition to the placing, there will be a separate offer made by the company of new ordinary shares on the REX platform to provide existing retail shareholders of the company in the UK only with an opportunity to acquire new ordinary shares.
The placing and the retail offer, which comprise the issue, will result in the Company raising targeted gross proceeds of up to approximately £80m and is expected to represent up to 10% of the company’s existing issued ordinary share capital.
The fund owns 590MW of operational projects and had EBITDA of £48.8m in 2022.
In addition, it has 437MW of fully funded projects under construction in Great Britain targeting commissioning by the end of 2023, which will take operational capacity to over 1GW.
The fund has identified a further 390MW of pipeline expected to commission in 2024 which it is now seeking to prioritise.
The pipeline comprises 230MW of projects in Great Britain, which can be built using existing funds, as well as the 160MW Project Iliad.