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Gore Street Energy's £60mln fundraise significantly oversubscribed

The new shares were priced at 100p and will be admitted to trading December. 16, 2020

Gore Street Energy Storage Fund PLC -
A Gore Street site

Gore Street Energy Storage Fund PLC (LON:GSF) said it has had to scale back allocations of shares in its £60mln placing, offer for subscription and intermediaries offer after heavy demand.

Applications for shares significantly exceeded £60mln, said the industrial battery investor, which has earmarked the money for new projects and capex for existing investments.

Gore Street Capital, the company's investment manager, said it had already has identified sites with a storage capacity of 1.3Gw.

In a statement, Alex O'Cinneide, Gore Street Capital’s chief executive, noted: "We are delighted with the demand for this significantly oversubscribed latest capital raise which we believe reflects both the positive outlook for the asset class in playing a critical role in the future of our transition to a low carbon economy and Gore Street Capital's pre-eminent role as a manager of choice in this asset class.”

“We are looking forward to deploying this capital against our significant global pipeline of 1.3GW and towards the capital expenditure requirements in the company's existing 440MW portfolio."

The new shares were priced at 100p and will be admitted to trading on December 16, 2020.

Quick facts: Gore Street Energy Storage Fund PLC

Price: 104 GBX

LSE:GSF
Market: LSE
Market Cap: £80.26 m
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