State-backed Gore Street Energy to raise funds to expand Irish assets London-listed fund in new share placing at it looks to increasing operational capacity here
about 3 hours ago
London-listed Gore Street Energy is looking to raise up to £190 million (€222 million) via a new share placing with a significant chunk of any money raised to be used to significantly expand its Irish portfolio.
The company, whose backers included the Ireland Strategic Investment Fund (ISIF), is an energy storage fund that invests in assets across Ireland and Britain. Overall, it has 11 projects with a combined operational capacity of 210MW.
Gore Street, which invests in utility scale energy storage projects, said it wants to triple its capacity in the Republic, up to a total of 180 megawatts.
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The 50MW Drumkee battery energised last month. Image: Gore Street Energy Storage Fund
Gore Street Energy Storage Fund has raised gross proceeds of £60 million from an initial placing, offer for subscription and intermediaries offer.
These – together the initial issue – will help it to acquire new projects in its global pipeline, which has a total project size of around 1.3GW, and – or potentially instead of – fund capital expenditure requirements of investments in its existing 440MW portfolio.
A total of 60 million new ordinary shares are to be issued – subject to admission to the premium segment of the Official List and to the London Stock Exchange - pursuant to the initial issue at 100 pence per share. Of these, 37,336,899 ordinary shares will be issued under the initial placing, 15,731,130 ordinary shares will be issued under the offer for subscription and 6,931,971 ordinary shares will be issued under the intermediaries offer.