Gore Street Energy Storage Fund PLC (LON:GSF) confirmed after the market close on Monday that it raised gross proceeds of £23.7mln from a total issue of 24,627,365 new ordinary shares at 96.1p each under its recent placing, a further direct subscription for ordinary shares, and a PrimaryBid offer to investors.
The net proceeds will be used to fund investment opportunities from the investment adviser's considerable pipeline of 150 MW of energy storage projects under exclusivity
Further to its announcement of June 19, 2020, the company said that in addition to the 3,000,000 ordinary shares issued to JXTG Nippon Oil & Energy Corporation on June, 30, 2020, a total of 21,627,365 new ordinary shares will also be issued to JXTG under the fundraise at 96.1p per share.
Commenting on the fundraise, Alex O'Cinneide, CEO of Gore Street Capital, the company's investment manager said: "We are delighted to have had such strong support, not only from our previous shareholders, but also from so many newcomers to Gore Street. The level of investor demand for both the Placing and the PrimaryBid Offer has exceeded our expectations and we welcome all to Gore Street's shareholder register and thank them for their commitment.
"We think that the level of demand reflects an awareness of the strong income nature of our performing projects in the Covid-19 environment, combined with excellent growth potential in our energy storage asset class, supported by a growing unmet need and attractive ESG characteristics.”
He added: “Since IPO in May 2018 we have grown the capital available to successfully pursue our growth strategy threefold, making this trust the fastest growing of any of the renewable investment trusts. This has been achieved because of our strong differentiators of best in class capital efficiency and best in class commercialisation of our international portfolio.
“We plan to continue to grow at a rapid pace. We look forward to putting this new capital to work against our extensive, current development portfolio and live investment pipeline."