Gresham House Energy Storage Fund (GRID) has raised gross proceeds of GBP100 million through the issue of 89,285,714 Ordinary Shares of 1 pence each in the capital of the Company.
The Issue Price per New Ordinary Share was 112.0 pence. The Placing was significantly oversubscribed and a scaling back exercise has been undertaken.
The Company intends to use the net proceeds of the Placing to finance the construction of the two remaining BESS Projects from the Current Pipeline totalling 150MW (Grendon and Penwortham) and 90MW from the Subsequent Pipeline (Stairfoot and Project Y).
Jefferies International Limited (Jefferies) acted as sole global coordinator, bookrunner and financial adviser to the Company.
John Leggate CBE, Chair of Gresham House Energy Storage Fund PLC, says:
“Strong investor demand means we can commit to further developing our pipeline thereby creating greater diversification and scale for our shareholders, while maintaining capital discipline. We are extremely grateful to our investors for their trust in GRID, and excited about the value that our installed capacity and growth strategy is expected to deliver.”
Ben Guest, Lead Fund Manager and Head of Gresham House New Energy, says:“We’re delighted to reach this milestone which unlocks further significant pipeline. This capacity allows us to accelerate our plans to roll out additional critical, flexible energy infrastructure. As always, I would like to thank our existing and significant new investors for their backing.”
