Gore Street to fund 1.3 GW pipeline acquisitions with £ 60 m over-subscribed fundraising
The Gore Street Energy Storage Fund has raised gross proceeds from an initial placement, subscription offer and intermediary offer of £ 60 million.
This along with the initial issue, would allow it to acquire new projects in its global pipeline, which has a total project size of about 1.3 GW, and investments in its current 440 MW portfolio requirements for capital expenditure, or likely instead.
Subject to admission to the premium section of the Official List and to the London Stock Exchange, a total of 60 million new ordinary shares are to be issued pursuant to the initial issue at 100 pence per share. Of these under the initial placement, 37,336,899 ordinary shares will be issued, 15,731,130 ordinary shares will be issued under the subscription offer, and 6,931,971 ordinary shares will be issued under the intermediary offer.
Alex O'Cinneide, CEO of Gore Street Capital, said the raise being oversubscribed 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".
In November, Gore Street applied to triple its power to a total of 180MW in the Republic of Ireland. Currently, the country's portfolio consists of the Porterstown 30MW project and the Kilmannock 30MW project, with grid link extension applications submitted for both sites.
It also confirmed that it had signed an EPC and O&M deal for Porterstown with Fluence, which is on track to be commissioned by Q3 2021.
The 50MW project in Drunkee, built by both Gore Street and Low Carbon, which was energized in November, was their latest battery storage project to go live.