Gresham House Energy Storage Fund has raised £120m (€132m) to finance energy storage projects.

The London-listed company said it raised the capital by issuing shares at 105p each as part of its plans to issue of up to £260m over the next year.

John Leggate, chair of Gresham House Energy Storage Fund, said: “We recently set out our programme to develop a further ten projects of 485MW of battery storage over the next 12-18 months.

“This very successful fundraise, our largest to date, unlocks a significant first step in the next stage of our portfolio growth as we build on our position as the leading business in this fast-growing segment of the green infrastructure space.”

Ben Guest, lead fund manager and head of Gresham House New Energy, said: “We are delighted with the outcome of the fundraise which comes at a time that the UK is helping set the pace globally for the transition to a zero-carbon future.

“With additional renewable generation capacity comes the requirement for more energy storage to achieve a cost-effective energy transition, and our New Pipeline will help meet this need.”

To read the digital edition of the latest IPE Real Assets magazine click here.