Gore Street Energy Storage Fund plc has raised £150 million from its recent issuance of new ordinary shares that was significantly oversubscribed.
The UK fund has sold nearly 136.4 million shares at 110 pence each by way of an initial placing, initial offer for subscription and initial intermediaries offer. While it first targeted only £75 million of proceeds, the target size of the initial issue was doubled in response to strong investor demand.
Gore Street intends to use the net proceeds to acquire and construct new projects in its pipeline. Its investment manager has identified a 1.3-GW-plus pipeline of energy storage opportunities, including 900 MW in the UK, around 375 MW in North America and 100 MW in Europe.
Initial Admission and dealings in the Ordinary Shares commenced on 14th April 2022.
The Perivan shareholder communications team was delighted to work with Shore Capital who were appointed as Sponsor, Joint Bookrunner and Intermediaries Offer Adviser, on the 153-page prospectus.
Perivan specialise in the production and publication of financial documents relating to shareholder and investor communications for quoted companies, private companies and open and closed-ended funds.