leadf
logo-loader
viewGore Street Energy Storage Fund PLC

Gore Street Energy sets out plans for major expansion

Gore Street has a pipeline of opportunities with a capacity of 1.3Gw

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.

Quick facts: Gore Street Energy Storage Fund PLC

Price: 105.5 GBX

LSE:GSF
Market: LSE
Market Cap: £81.42 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Gore Street Energy Storage Fund PLC named herein, including the promotion by the Company of Gore Street Energy Storage Fund PLC in any Content...

FOR OUR FULL DISCLAIMER CLICK HERE

Gore Street Energy Storage acquires a portfolio of 81MW operating battery...

Gore Street Energy Storage's (LON:GSF) John Michael Cheshire talks to Proactive London's Katie Pilbeam about the latest deal to acquire a portfolio of 81MW operating battery assets at five sites in the North-West and Midlands. This is the first time Gore Street has acquired a portfolio which...

2 weeks, 1 day ago

2 min read