Gresham House Energy Storage Fund launches $80m share offering
UK-based Gresham House Energy Storage Fund (GRID) has announced an £80 million share offering.
The placing includes new ordinary shares and retail offer shares, with the total expected to represent up to 10 per cent of the company's existing issued ordinary share capital.
GRID currently owns 590MW of operational projects and had EBITDA of £48.8 million in 2022. In addition, GRID has 437MW of fully funded projects under construction in Great Britain targeting commissioning by the end of 2023, which will take operational capacity to over 1GW.
GRID has identified a further 390MW of pipeline projects expected to commission in 2024 which it is now prioritising. The pipeline comprises:
· 230MW of projects in Great Britain of two-hour duration which can be built using existing funds; and
· 160MW of solar with co-located four-hour battery energy storage projects in California, USA requiring a total equity consideration through to commissioning of £135m.
Jefferies International Limited is acting as sole global co-ordinator, bookrunner and financial adviser to the company in connection with the placing.