Clean tech investors Gore Street Energy Storage Fund are seeking another £75 million to secure continued expansion of its 1.3 GW roster of projects.
Launched in May 2018 as the LSE’s first closed-end fund concentrating on energy storage, Gore Street today opened its books for the new issue. Pending shareholder agreement expected on 11 April, results of the issue will be declared the following day.
The latest fund-raise will add to £ 330 million raised over the past four years.
Chief executive Alex O’Cinneide told investors today: “the UK and Ireland continue to offer significant potential opportunities for investment where Gore Street Capital has established itself as a pre-eminent investor.
“The proposed fundraise would enable us to execute on our ambitions for growth with the potential for investment in new acquisitions“, Cinneide wrote.
Initially, Cinneide’s team focused on projects in frequency response services, triad avoidance and capacity markets
Projects now under analysis by investment managers focus on balancing mechanisms, wholesale trading, cost savings in distribution networks, voltage control, black start; and DS3 services in Ireland.
By geography, Gore Street locates its 1.3 GW as 900 MW in the UK, 375 MW in North America and 100 GW in continental Europe.
More information here;