- Battery storage fund Gresham House Energy Storage Fund said it had raised approximately £15.0 million by issuing a mixture of short-term and medium-term secured power bonds.

The majority of the proceeds would be used to acquire an operating asset which was in the final stages of due diligence with an agreement expected to be concluded during the fourth quarter.

The power bonds would pay interest semi-annually, in arrears, in equal instalments at a fixed rate of 5.0%. The company intended to refinance the short-term power bonds, representing an aggregate amount of £7.0 million, within the next 12 months.

'The issuer may issue further series of GRID Power Bonds, up to an aggregate subscription amount of £40.0 million. The offer period for GRID Power Bonds will be open until July 2021 to, among other things, assist with the acquisition of further battery storage projects,' the company said.

At 9:14am: [LON:GRID] share price was -1p at 112p

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