Gore Street Energy

Further 131MW Portfolio under Exclusivity

RNS Number : 2976R
Gore Street Energy Storage Fund PLC
29 June 2020
 

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THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND DOES NOT CONSTITUTE A PROSPECTUS. INVESTORS MUST SUBSCRIBE FOR OR PURCHASE ANY SHARES REFERRED TO IN THIS ANNOUNCEMENT ONLY ON THE BASIS OF INFORMATION CONTAINED IN THE PROSPECTUS PUBLISHED BY THE COMPANY ON 16 JULY 2019 (THE "PROSPECTUS") AND NOT IN RELIANCE ON THIS ANNOUNCEMENT. A COPY OF THE PROSPECTUS IS AVAILABLE FOR INSPECTION, SUBJECT TO ANY APPLICABLE RESTRICTIONS, FROM THE COMPANY'S REGISTERED OFFICE AND ON ITS WEBSITE (WWW.GSENERGYSTORAGEFUND.COM).

29 June 2020

Gore Street Energy Storage Fund plc

(the "Company" or "Gore Street")

Further 131MW Portfolio of Assets under Exclusivity

Gore Street, London's first listed  energy storage fund supporting the transition to low carbon power, is pleased to announce that it has secured a further 131MW portfolio under exclusivity including 81MW of cash generating operational assets, following a competitive process. These operational assets, which are still subject to completion of successful due diligence, have an anticipated closing of mid-August.

The exclusivity agreements cover 131MW of assets including:

· an operational portfolio of 81MW located across Great Britain; and

· a 50MW project under development in Southern England.

The 131MW portfolio of assets under exclusivity announced today is in addition to the 20MW London asset under construction announced on 22 June 2020, leading to a combined total of 151MW currently under exclusivity and forms part of Gore Street's 900MW pipeline.

All of these assets are anticipated to be acquired on competitive pricing terms and deliver returns in line with Gore Street's targeted unlevered IRR of 10%.

Alex O'Cinneide, CEO of Gore Street Capital, the Company's investment adviser, commented:

"In addition to the recent announcement of the 50MW Ferrymuir acquisition, we are delighted to have secured exclusivity agreements for a further 131MW of attractive projects that will significantly add to the scale and diversity of the Gore Street portfolio."

The Legal Entity Identifier of the Company is 213800GPUNVGG81G4O21.

For further information:

Gore Street Capital Limited


Alex O'Cinneide

Tel: +44 (0) 20 3826 0290

 

Shore Capital (Sole Broker)


Anita Ghanekar / Darren Vickers / Hugo Masefield (Corporate Advisory)

Henry Willcocks / Fiona Conroy (Corporate Broking)

 

Tel: +44 (0) 20 7601 6128

Zeus Capital (Co-Placing Agent)

Daniel Harris / Rishi Majithia / Ben Burnett (Corporate Finance)     Tel: +44 (0) 20 3829 5000

John Goold / Dominic King (Corporate Broking)

 

Media enquiries

Buchanan


Charles Ryland / Henry Wilson / George Beale

Tel: +44 (0) 20 7466 5000


Email: [email protected]

JTC (UK) Limited, Company Secretary Tel: +44 (0) 20 7409 0181

Notes to Editors

About Gore Street Energy Storage Fund plc

Gore Street is London's first listed energy storage fund and seeks to provide Shareholders with a significant opportunity to invest in a diversified portfolio of utility scale energy storage projects. In addition to growth through exploiting its considerable pipeline, the Company aims to deliver consistent and robust dividend yield as income distributions to its Shareholders. 

The Company targets an annual dividend of 7.0% of NAV per Ordinary Share in each financial year, subject to a minimum target of 7.0 pence per Ordinary Share. Dividends are paid quarterly.

 


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