London-listed Gresham House Energy Storage Fund (GRID) has raised £100m, by way of a share placing, to finance projects.
GRID said the amount raised by the share placing, which significantly oversubscribed, will be used to finance the construction of the two remaining battery energy storage systems projects from the current pipeline totalling 150MW and 90MW from the subsequent pipeline.
GRID, managed by Gresham House Asset Management, invests in a diversified portfolio of utility-scale battery energy storage systems located in Great Britain, Northern Ireland and the Republic of Ireland.
John Leggate, chair of Gresham House Energy Storage Fund, said: “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, said: “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.”
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