London-based Gore Street Energy Storage Fund has proposed a placement of new ordinary shares via placing and retail offer, to help fund the acquisition of an 80-megawatt battery storage project, according to Renewables Now.
The proposed share placing would be priced at £102 pence ($141) each, representing a 6.2 percent discount to last week’s closing middle-market price of £108.7 pence ($150) per share, reports Morningstar U.K. The company says aggregate demand under the primary bid offer will be limited to €6.7 million ($7.8 million).
In addition to funding the 80-megawatt project, Gore Street will also put the proceeds toward developing a 1.3-gigawatt pipeline of opportunities and its existing portfolio.
Placing commitments will be accepted by April 22, and the stock is expected to start trading on the London Stock Exchange's main market on April 27.