TIDMGSF
RNS Number : 7953T
Gore Street Energy Storage Fund PLC
29 November 2021
29 November 2021
Gore Street Energy Storage Fund plc
(the 'Company' or 'Gore Street')
Portfolio Update
Significant Capacity Increase at ROI asset increases overall
portfolio to over 600MW
Gore Street Energy Storage Fund (GSF), London's first listed and
category defining energy storage fund supporting the transition to
a low carbon society, is pleased to provide a capacity increase
update for one of its Republic of Ireland (ROI) assets.
Following the announcement made on 30 March 2021, Kilmannock,
one of the Company's ROI assets in construction, has secured a
significant increase in its allocated grid connection capacity. The
asset will benefit from grid connection volume allocation of an
additional 90MW, in addition to the 30MW currently secured.
The increased asset capacity will lower the price per MW of
construction costs, further increasing the price advantage of this
asset, giving the Company a competitive advantage.
As at 19 November 2021, the Company's portfolio now consists of
over 600MW of operating and under construction projects in the UK
and Ireland, with 310MW of assets across the island of Ireland,
constituting the largest portfolio of Irish assets available to
investors.
The two operational assets of the Irish portfolio, Drumkee and
Mullavilly, played a key role in preventing a black-out on the
Irish transmission network following the sudden loss of two
conventional generators on Monday 22 November.
Alex O'Cinneide, CEO of Gore Street Capital, the Company's
investment adviser commented:
"We are very pleased with the significant capacity increase of
our Kilmannock asset, which will take our total portfolio to over
600MW. I would like to thank the Ireland Strategic Investment Fund
for their continued support in assisting Gore Street in the growth
of our portfolio in Ireland and look forward to working closely
with them in the future. With the ever-growing number of renewable
energy assets being developed and connected to grid networks, the
need for energy storage projects is increasing exponentially over
the coming years and we believe that Gore Street is in an excellent
position to capitalise on this growing demand."
Paul Sanders, Head of Climate at Ireland Strategic Investment
Fund National Treasury Management Agency, added:
"We are delighted to see Gore Street creating real impact in the
Irish energy market. The delivery of this flexible infrastructure
is key to enabling the Irish energy system to increase renewable
generation in line with the Irish government's ambitious target,
with plans to increase the proportion of renewable electricity to
up to 80% by 2030 ."
The Legal Entity Identifier of the Company is
213800GPUNVGG81G4O21.
For further information:
Gore Street Capital Limited
Alex O'Cinneide / Maria Vaggione Tel: +44 (0) 20 3826 0290
Shore Capital (Joint Corporate Broker)
Anita Ghanekar / Rose Ramsden / Iain Sexton (Corporate Advisory) Tel: +44 (0) 20 7 408 4050
Fiona Conroy / Henry Willcocks (Corporate Broking)
J. P. Morgan Cazenove (Joint Corporate Broker)
William Simmonds / Jérémie Birnbaum Tel: +44 (0) 20 7742
(Corporate Finance) 4000
Buchanan (Media enquiries)
Charles Ryland / Henry Wilson / George Tel: +44 (0) 20 7466
Beale 5000
Email: Gorestreet@buchanan.uk.com
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% o f NAV per
Ordinary Share in each financial year, subject to a minimum target
of 7.0 pence per Ordinary Share. Dividends are paid quarterly.
Disclaimer
This announcement has been issued by, and is the sole
responsibility of, Gore Street Energy Storage Fund plc (the
"Company").
This announcement is for information purposes only and is not
intended to and does not constitute or form part of any offer or
invitation to purchase or subscribe for, or any solicitation to
purchase or subscribe for shares in any jurisdiction in which such
an offer or solicitation is unlawful.
The information and opinions contained in this announcement are
provided as at the date of the announcement and are subject to
change without notice and no representation or warranty, express or
implied, is or will be made in relation to the accuracy or
completeness of the information contained herein.
The information in this announcement may include forward-looking
statements, which are based on the current expectations, intentions
and projections about future events and trends or other matters
that are not historical facts and in certain cases can be
identified by the use of terms such as "may", "will", "should",
"could", "expect", "anticipate", "project", "estimate", "intend",
"continue", "target", "believe" (or the negatives thereof) or other
variations thereof or comparable terminology. These forward-looking
statements, as well as those included in any related materials, are
not guarantees of future performance and are subject to known and
unknown risks, uncertainties, assumptions about the Company and
other factors, including, among other things, the development of
its business, trends in its industry, and future capital
expenditures and acquisitions. In light of these risks,
uncertainties and assumptions, the events in the forward-looking
statements may not occur and actual results may differ materially
from those expressed or implied by such forward looking statements.
Given these risks and uncertainties, prospective investors are
cautioned not to place undue reliance on forward-looking
statements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
PFUFLFVILTLDFIL
(END) Dow Jones Newswires
November 29, 2021 02:00 ET (07:00 GMT)
Gore Street Energy Storage (LSE:GSF)
Historical Stock Chart
From Mar 2024 to Apr 2024
Gore Street Energy Storage (LSE:GSF)
Historical Stock Chart
From Apr 2023 to Apr 2024