By Anthony O. Goriainoff Gore Street Energy Storage Fund PLC said Tuesday that it will raise 75 million pounds ($98.2 million) via a discounted share placing, a subscription and an initial intermediaries offer, and that it will use the proceeds to acquire and construct new projects in its pipeline.
The London-listed energy-storage fund said it will issue 68.2 million new ordinary shares at 110 pence a share, representing a 4.3% discount to Monday’s closing price of 115 pence a share. It added that the initial issue could be upscaled depending on demand and the board’s discretion. The company said that its pipeline included a significant number of potential projects comprising 900 MW in the U.K., 375 MW in North America and 100 MW in Europe, and that the investment manager continued to work with several sources of potential pipeline projects such as…