UK battery storage investor Gresham House raises US$190 million in share placing

By Alice Grundy
Share on linkedin
LinkedIn
Share on twitter
Twitter
Share on reddit
Reddit
Share on facebook
Facebook
Share on email
Email

London Stock Exchange listed battery storage investor-developer Gresham House Energy Storage Fund has successfully raised £150 million (US$189 million) in a share placing announced just a few days prior.

The company is to issue 103,448,275 ordinary shares at 1p each in the capital of the company, with the placing significantly oversubscribed – leading to a scaling back exercise.

This new funding is to finance the majority of a 747MW existing battery storage pipeline the company is acquiring, with this consisting of projects in the UK and Ireland. Due diligence is under way for 674MW of this.

John Leggate CBE, chair of Gresham House Energy Storage Fund PLC said: “Strong investor demand means that we can commit to further development of our pipeline to create even greater scale and diversification.”

Application has been made for the new ordinary shares to be admitted to trading on the Specialist Fund Segment of the London Stock Exchange’s main market, with admission expected to occur and dealings in the new ordinary shares to commence on 31 May 2022.

It follows the company raising £100 million last year and £120 million in 2020.

This story first appeared on Solar Power Portal.

Read Next

August 11, 2022
Norwegian renewable energy investor Magnora and the Alberta Investment Management Corporation have moved into the UK battery storage market.
August 4, 2022
Conrad Energy has launched construction of a 6MW/12MWh battery energy storage system in Somerset, UK, after local opposition thwarted original plans for a new gas generator.
August 4, 2022
Nidec ASI, the Italy-based industrial solutions division of Japanese conglomerate Nidec Group, will provide EPC services for a 50MW battery energy storage system (BESS) project in Northern Ireland.
August 3, 2022
Gore Street saw its net income increase by 191% over the year to 31 March 2022, whilst the EBITDA of its operational portfolio surged 704%.
July 28, 2022
Another edition of our news in brief from the energy storage industry focusing on the bustling UK market.

Most Popular

Email Newsletter