Gresham House Energy Storage Fund (GRID), which invests in a portfolio of utility-scale operational battery energy storage systems in the United Kingdom, has announced an £80 million ($101 million) proposed share placing for institutional investors and a separate offer of shares available to U.K.-based retail shareholders of the company.
The total number of shares issued is expected to represent up to 10 percent of the company’s existing issued ordinary share capital. The share placing is expected to close on May 24.
GRID currently owns 590 megawatts of operational projects and currently has 437 megawatts of fully funded projects under construction in the United Kingdom, targeting commissioning by the end of 2023.
GRID has identified a further 390-megawatt pipeline, which is expected to reach commission in 2024. The pipeline includes 230 megawatts of projects in the United Kingdom and 160 megawatts of solar with colocated four-hour battery-energy storage proj