Big Rock Refinancing

Summary by AI BETAClose X

Gore Street Energy Storage Fund plc has refinanced its Big Rock project in California, a 200 MW / 400 MWh asset, through a new five-year term loan facility with First Citizens Bank. This new facility includes a Letter of Credit of approximately $52.4 million and replaces the previous $60.0 million facility, importantly at a lower cost of debt. The refinancing is structured with partial amortization and a balloon payment at maturity, appropriately sized for the project's operating cash flow, and aligns with the company's prudent gearing policy targeting borrowings below 30% of Gross Asset Value.

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Gore Street Energy Storage Fund PLC
02 October 2026
 

2 October 2026

 

Gore Street Energy Storage Fund plc

(the 'Company' or 'GSF')

Big Rock Refinancing

 

Gore Street Energy Storage Fund plc today announces the refinancing of its Big Rock asset. GSF's subsidiary, Big Rock ESS Assets LLC, which owns the 200 MW / 400 MWh Big Rock project in California, has entered into a new term loan facility with First Citizens Bank as the lead arranger and lender.

The new facility is a term loan including a Letter of Credit facility of c.$52.4 million with a five-year tenor, replacing the project's existing $60.0 million facility. Interest is charged at a lower cost of debt than the facility it replaces. The loan partially amortises over the term, with a balloon payment at maturity.

With Big Rock now operational for nearly a year, the new facility is appropriately sized against the project's operating cash flow. The Company's gearing policy remains prudent and targets borrowings of no more than 30% of Gross Asset Value ('GAV').

Alex O'Cinneide, CEO of Gore Street Investment Management, the Investment Manager to the Company, commented: "This refinancing lowers the cost of debt on Big Rock and demonstrates the progress we are making on our strategic initiatives to reduce costs. Big Rock has been operational for nearly a year, and this long-term project financing now reflects that maturity."

 

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For further information:  

Gore Street Investment Management Limited

Alex O'Cinneide / Ben Paulden                                                    Tel: +44 (0) 20 4551 1382

Email: ir@gorestreetcap.com                                    

 

Shore Capital (Joint Corporate Broker) 

Anita Ghanekar / Sophie Collins (Corporate Advisory)                                     Tel: +44 (0) 20 7408 4090

Fiona Conroy (Corporate Broking)

 

J.P. Morgan Cazenove (Joint Corporate Broker)               

William Simmonds / Rupert Budge                                                                      Tel: +44 (0) 20 3493 8000

                 

Burson Buchanan (Media Enquiries)      

Henry Wilson / Henry Harrison-Topham / Nick Croysdill                                 Tel: +44 (0) 20 7466 5000

Email: gorestreet@buchanan.uk.com    

 

https://www.gsenergystoragefund.com

 

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