New funding to be used to finance existing and new storage projects [Image: Gresham]
Battery player Gresham House Energy Storage Fund has raised £100m in a share placement.
The company said the issue was “significantly oversubscribed and a scaling back exercise has been undertaken”.
The net proceeds will be used to finance the construction of the two remaining storage projects from totalling 150MW, the Grendon and Penwortham schemes.
Projects dubbed Stairfoot and Project Y, totalling some 90MW, will also be backed.
Jefferies International acted as sole global coordinator, bookrunner and financial adviser to the company.
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.”
