TIDMGSF
RNS Number : 5946D
Gore Street Energy Storage Fund PLC
04 March 2022
04 March 2022
Gore Street Energy Storage Fund plc
(the "Company" or "Gore Street")
Operational Energy Storage Acquisition in Germany
First Investment in Continental Europe
Gore Street, London's first listed energy storage fund
supporting the transition to a low carbon economy, is pleased to
announce that, in line with its mandate to expand outside of the UK
and Ireland, it has successfully completed the acquisition of a 90%
stake in a 28 MWh operational energy storage asset based in
Cremzow, Germany (the "Acquisition").
The acquisition of an asset in mainland Europe signifies an
exciting opportunity for Gore Street, as it diversifies its
exposure to new revenue streams across the inter-connected European
grid network. Cremzow has been operating since 2019; providing a
critical suite of balancing and frequency services across eight
countries and eleven associated Transmission Network Operators
(TNOs) in the European grid system. Cremzow can participate in
wholesale and intra-day arbitrage, presenting additional revenue
stacking opportunities similar to GB and Irish markets. In
addition, the intent by the EU to diminish co-dependency on gas and
other fossil fuels, reinforced by the current Ukraine crisis, will
likely further enhance the already pressing need for energy storage
infrastructure in the region.
The Acquisition represents the first step in Gore Street's
announced strategy to diversify beyond the UK and Irish markets.
Following the Acquisition, the Company's operating assets will have
increased to 232 MW, and total portfolio assets under management
increased to 629 MW.
The site was developed in two stages by Leclanche, Enel Green
Power and Enertrag, starting with an initial 2.0 MW asset and
followed by an additional 20.0 MW expansion. The system is based on
LG Chem lithium-ion batteries. LG Chem is a leading battery
supplier and existing relationship of Gore Street. Enertrag, a
leading German renewable developer, will retain a 10% stake and
will support the technical management of the project.
The asset was purchased from Enel X Germany Gmbh, a subsidiary
of Enel X, which is Enel Group's global business line offering
services that accelerate innovation and drive the energy
transition, which manages demand response for around 7.7 GW of
total capacity globally.
Alex O'Cinneide, CEO of Gore Street Capital, the Company's
investment manager, commented:
"The Company has, as part of its growth plans, achieved
international expansion firstly in 2019 with our move into the
Irish energy system, and now in 2022 into mainland Europe. Gore
Street has a unique skill set, drawing on our first mover advantage
in GB, in owning and operating an international portfolio, and will
continue to aggressively pursue critical markets such as
Germany.
This is a landmark acquisition with compelling fundamentals
which not only demonstrates our entry into new markets but also
increases our operational cash generating assets, and further
diversifies Gore Street's portfolio. We are very pleased to have
worked with ENEL on this transaction and look forward to continuing
to partner with Enertrag to optimise the asset going forwards.
Energy storage is an ever-increasing infrastructure requirement,
and we will continue to seek out the best opportunities from our
considerable pipeline across our key markets."
ENDS
The Legal Entity Identifier of the Company is
213800GPUNVGG81G4O21.
For further information:
Gore Street Capital Limited
Alex O'Cinneide / Paula Travesso / 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 4090
Fiona Conroy (Corporate Broking)
J. P. Morgan Cazenove (Joint Corporate Broker)
William Simmonds / Jérémie Birnbaum (Corporate Tel: +44 (0) 20 7742
Finance) 4000
Buchanan (Media enquiries)
Charles Ryland / Henry Wilson / George Beale Tel: +44 (0) 20
7466 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.
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
ACQDZGGFNDVGZZG
(END) Dow Jones Newswires
March 04, 2022 02:50 ET (07:50 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