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Gore Street Energy sets out plans for major expansion

Published: 09:46 18 Nov 2020 GMT

Gore Street Energy Storage Fund PLC -

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.

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