The issue price per new share was 112p.
The financing will go towards four projects that will propel business pipeline to 500MW.
Two utility-scale BESSs from the fund’s current pipeline, located in Grendon and Penwortham, will be constructed with the proceeds, totalling 150MW.
The funds will also go towards two other projects, Stairfoot and Project Y, totalling 90MW.
“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,” said John Leggate CBE, chair of GRID.
“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,” he added.
BESS store excess energy generated by renewable energy sources and then release the stored energy back into the grid, during periods of increased demand.
In 2020, Gresham House’s asset under management grew 42%.
Ben Guest, lead fund manager and head of Gresham House New Energy, said: “We arere delighted to reach this milestone which unlocks further significant pipeline. This capacity allows us to accelerate our plans to roll out additional critical, flexible energy infrastructure. As always, I would like to thank our existing and significant new investors for their backing.”
Jefferies International Ltd acted as sole global coordinator, bookrunner and financial adviser to the company during the fundraise.
The placing was oversubscribed according to the fund and a scaling back exercise has been initiated.
GHESF provides investors with the prospect of capital growth through re-investment of cash generated in excess of its target dividend.
The company said that it will target dividend payments of 7p per ordinary share in the financial year ending 31 December 2021.
The company’s current portfolio has a total capacity of 425MW. It was admitted to trading on the London Stock Exchange (Specialist Fund Segment) on 13 November 2018.