Gore Street Energy trust doubles target by raising £150m

Oversubscribed issue

Kathleen Gallagher
clock • 1 min read

The Gore Street Energy Storage fund has raised £150m, double its £75m target, in an oversubscribed issue thanks to demand from both institutional and retail investors.

In a stock exchange announcement late yesterday (13 April) the company said £150m was the upper limit and the issue was subject to scale back exercise. The investment manager, Gore Street Capital Limited, has identified a pipeline of investment with a total project size of approximately 1.3GW in North America and Europe. The statement said the manager "remains confident in its ability to deploy the net proceeds of the Initial Issue to its broad pipeline of investment opportunities in a timely manner". There will be an issue of 136,363,636 new ordinary shares at 110 pence per share....

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