The Gresham House Energy Storage fund (Grid) has raised £100m in an oversubscribed placing to finance four projects.
The trust, which invests in utility-scale battery energy storage systems (BESS) across the UK and Ireland, issued 89,285,714 shares of 1p each to raise the funds.
BESS store excess energy generated by renewable energy sources and then release that stored energy back into the grid during peak hours when there is increased demand.
Part of the funds will go towards the construction of two BESS that total 150MW located in Grendon and Penwortham.
The remainder will go towards to additional projects – Stairfoot and Project Y that total 90MW, the company said.
All four projects are subject to legal, technical, and financial due diligence.
John Leggate CBE, chair of Grid, said: “Strong investor demand means we can commit to further developing our pipeline thereby creating greater diversification and scale for our shareholders, while maintaining capital discipline.
“We are extremely grateful to our investors for their trust in Grid, and excited about the value that our installed capacity and growth strategy is expected to deliver.”
Last week, Gresham House appointed Chris Elliott as head of wholesale retail funds, as the business looks to further strengthen its reach among UK discretionary and advisory investors.
Elliot, who joined from LGBR Capital where he was head of strategic partnerships, will focus on developing and executing the company’s growth sales strategy across its full range of open-ended and closed-ended strategies.
