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05 Aug 2019 | 09:56

Gore Street Energy Storage Fund raises approx. £30.9m in latest fundraising campaign

Gore Street Energy Storage Fund said it had in total raised gross proceeds of approximately £30.9m in its latest fundraising campaign. The total raised included gross proceeds of £5.91m by way of an initial placing and offer for subscription together with an additional £25m commitment from the National Treasury Management Agency to be drawn upon as announced on 5 June 2019 which would give Gore Street considerable funds available for investment, the company said. Plans for the fundraise was initially announced on 31 July 2019. The proceeds of the initial Issue would be used to invest in a diversified portfolio of utility scale energy storage projects and in particular the projects in Northern Ireland and the Republic of Ireland, the company said. Since IPO in May 2018, following this fundraise, Gore Street had more than doubled in size to approximately £62m assets under management and built a portfolio of 189MW across eight assets in the UK and the Republic of Ireland. GSF had an additional 500MW in pipeline in UK, Ireland and continental Europe, which it intended to execute against in the coming months.

At 9:56am: (LON:GSF) Gore Street Energy Storage Fund Plc Ord Gbp0.01 share price was 0p at 91.25p

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