Gore Street Energy to raise funds to speed up development of its portfolio

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Gore Street Energy Storage Fund PLC (LON:GSF) is to raise funds through a placing of shares at 102p.

The energy storage fund said shares will be available to retail investors at the same price via the PrimaryBid.com platform. The PrimaryBid offer will close at 2.00pm on April 22 or earlier if oversubscribed.

Proceeds will be deployed towards the company’s development pipeline of 1.3 gigawatts (GW) of earnings-enhancing opportunities and the near-term potential completion of an acquisition of an 80 megawatts (MW) project expected in the coming weeks.

Also, funds from the share issue will be used to accelerate the development of the company’s existing portfolio, including the Republic of Ireland assets’ expansion from 30MW to 90MW.

“I am delighted to announce this placing and retail offer to progress our ambitious growth plans. This follows the rapid and successful full deployment of the £60 million raised last December,” said Alex O’Cinneide, the chief executive officer of Gore Street.

“This subsequent placing under the placing programme has been launched at a critical time for the development of the energy storage asset class, with increasing international regulatory support most recently with the new dynamic containment revenue stream that the company is capitalising on for its operational GB portfolio.

“Gore Street Capital is strongly positioned to take advantage of a major pipeline of 1.3GW of attractive accretive opportunities. We look forward to leveraging our experience and proven capital discipline to find the best opportunities to generate further shareholder value,” he added.

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