London Stock Exchange welcomes Gore Street Energy Storage Fund plc to Main Market

London Stock Exchange welcomes Gore Street Energy Storage Fund plc to Main Market

Gore Street Energy Storage Fund PLC, the UK's first pure play energy storage fund, celebrates its launch and first day of dealings following a successful initial public offering on the Premium Segment of the Main Market of the London Stock Exchange, under the ticker GSF.

The Company will seek to provide investors with a sustainable and attractive income through dividends over the long term by investing in a diversified portfolio of utility scale energy storage projects primarily located in the UK, although the Company will also consider projects in North America and Western Europe. The Gore Street Energy Storage Fund aims to build a portfolio of projects with strong returns, delivered through multiple revenue streams that can be stacked on a single battery; this will enable the Company to deliver a targeted annual dividend of 7% of NAV in each financial year, following an initial 4% dividend in year one.

Gore Street Energy Storage Fund has raised gross proceeds of £30.6m for this initial successful capital raise which will be used to invest in attractive opportunities identified by the investment manager.

Gore Street Capital has extensive experience and expertise in sourcing, structuring and managing large renewable energy projects globally. Commenting on the Company’s Admission, Alex O’Cinneide, Managing Partner of Gore Street Capital Limited said:

“On behalf of all at Gore Street Capital I am delighted to announce the completion of this initial fundraise despite the challenging market conditions and thank all our new shareholders for their commitment and support.”

“The completion of our fundraising confirms our belief that the energy storage market provides a tremendous opportunity for the Fund’s investment strategy and I look forward to updating the market with the progress that I am sure we will achieve.”

“I would like to thank all our advisors for all their support that has ensured this successful outcome.”

Stockdale Securities Limited is acting as sponsor, sole broker and intermediaries offer adviser in connection with the Issues and Admission.