Gresham House Energy Storage Fund has announced today (3 March) that it has raised £31 million in its latest share placing.
The fund, which expects to double its capacity to over 330MW this year, said the placing of 30 million shares at 104p each was oversubscribed.
It said the proceeds from the issuance will allow the “potential acquisition of a significant operational project” which could be grown in size to more than 50MW.
They will also be used to fund the 10MW extension of the Glassenbury project acquired in December last year.
John Leggate, chair of the fund, said: “Gresham House Energy Storage Fund is on a journey to build scale in energy storage.
“It is already a leader in the sector and expects nearly to double its grid connection capacity to over 330MW during 2020. This fund raise is an important step in that direction. We are grateful to our investors for their support and look forward to significant developments in the year ahead.”
Last October Ben Guest, the head of Gresham House’s New Energy division, told Utility Week that investors are beginning to grasp the potential of battery storage projects.
Guest said he expected 10GW of battery storage to come online over the next few years and that he could see the potential for the fund to account for at least 1GW of this.