Storage fundraising below target

Gresham House has raised £100 million to drive its energy storage fund onto the London Stock Exchange, reports Solar Power Portal - half its £200 million target. Gore Street Capital raising £30.6 million in May against its target of £100 million.

The net proceeds of the Gresham House issue are to be used to acquire 70MW of operational batteries, previously developed by Gresham House New Energy and Noriker Power, for a consideration of £57.22 million, the report said. The company told SPP: “We will use the placing programme to raise further funds for the acquisition of the other pipeline assets and are committed to building a substantial fund in this fast-growing sector.”

Gore Street’s IPO proceeds have  been invested in two assets totalling 8MW of installed capacity and two shovel-ready projects totalling  19MW, SPP said.

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