Gore Street Energy Storage Fund PLC (LO:GSF) is to ask shareholders for permission to issue shares to fund a huge expansion of its portfolio of industrial battery assets.
Initially, the trust wants to issue up to 60mln new shares through a placing and subscription offer, but it is also seeking permission to issue up to a further 250mln ordinary shares, a programme that will require a prospectus.
Launched in 2018, Gore Street has already raised more than £80mln to fund new investments but said that the need for intermittent renewable energy capacity combined with a need for grid stability and electricity price stability is seeing demand for industrial battery capacity soar.
The trust currently has 14 projects with a total capacity of 320Mw either in operation or under construction, but it has a pipeline of opportunities with a capacity of 1.3Gw.
Any new shares will be issued at a price not less than the net asset value per ordinary share plus a premium to cover the expenses of such issue, Gore Street said.