Image: Gore Street Energy Storage Fund.
A potential 80MW acquisition - plus Gore Street Energy Storage Fund s 1.3GW development pipeline - is to be funded by the net proceeds of the company s latest £135 million fundraise.
This potential acquisition is expected in the coming weeks, the fund said, with net proceeds of the fundraise to also be deployed in relation to accelerating development of its existing portfolio including the expansion of its Republic of Ireland assets from 30MW to 90MW. This was announced in late 2020, with both the Porterstown 30MW project and the 30MW Kilmannock project to be expanded.
The new funds were raised from the total issue of 132,352,941 new Ordinary Shares at 102p per Ordinary Share. Admission of these shares to trading on the London Stock Exchange s main market is expected to become effective at 8:00am on 27 April 2021.
Dive Brief:
Global clean energy spending is on track to exceed $1 trillion in 2021, Edward Morse, managing director and global head of commodities research at Citigroup, said during a webinar on the state of energy finance hosted by Our Energy Policy on Wednesday. However, Citigroup estimates spending must reach $3-5 trillion per year to keep global warming below 2 degrees Celsius.
Inosi Nyatta, a partner in Sullivan & Cromwell s Finance & Restructuring Group, said she believes that with the rapid growth of the renewable industry, the world will close the gap between current energy spending, and what is needed to achieve the Paris Agreement. However, others on the webinar panel were less optimistic.
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Dive Brief:
Sen. Ron Wyden, D-Ore., on Wednesday introduced a bill that would eliminate tax breaks for fossil fuels and create new incentives for zero-emissions energy resources.
The policy is technology-neutral and would create tax incentives for resources that emit zero or net-zero emissions, while providing a 30% investment tax credit for qualifying grid improvements like energy storage and transmission. It also increases the electric vehicle tax credit for commercial vehicles to 30% of the vehicle s purchase price.
Wyden s bill complements President Joe Biden s efforts to eliminate fossil fuel subsidies, and proposals by the administration to extend tax credits for wind and solar power, while creating new credits for energy storage, transmission and other resources.
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