24
February 2025
Gore
Street Energy Storage Fund plc
(the
"Company" or "GSF")
Assets
Energised and ITC Update
Derisked portfolio with
energised capacity reaching 753.4 MW / 924.1 MWh
Gore Street Energy Storage Fund plc
(LSE: GSF), the internationally diversified energy storage fund, is
pleased to announce the energisation of its remaining
in-construction assets: "Dogfish" (75 MW / 75 MWh, Texas) and
"Enderby" (57 MW / 57 MWh, Great Britain).
Energised capacity reaches 753.4 MW / 924.1
MWh
The successful energisation of all
remaining assets under construction marks a pivotal milestone in
transitioning to a steady-state portfolio, with the energised
portfolio capacity now at the targeted 753.4 MW / 924.1 MWh. This
significant milestone represents a 79% increase in MW capacity,
including the energisation of the "Big Rock" asset in California,
US (200 MW / 400 MWh) announced in January. All assets are
scheduled to be revenue-generating in FYQ1 (by June-end) of the
upcoming Financial Year (FY25/26). The non-GB assets now represent
61% of the total energised portfolio on a MW basis, highlighting
the Company's internationally diversified strategy.
Investment Tax Credits
While the Trump administration has
taken action regarding the permitting of onshore and offshore wind,
no action has been taken regarding the Investment Tax Credits
(ITCs). External legal counsel has also advised that there
has been no change to the eligibility of the Company's projects to
qualify for the ITCs, and ITC applications will be filed as soon as
possible. In addition, the Investment Manager continues to
negotiate the sale of the ITCs; no change in market appetite or
pricing from well-established ITC buyers has been seen, reflecting
overall market confidence.
As previously communicated to the
market, the application of the ITC proceeds will prioritise
shareholder value. The Board is actively assessing this matter and
engaging with shareholders and the Investment Manager on their use.
Options under consideration include returning capital to
shareholders through mechanisms such as a buy-back program,
repayment of debt, investing in the portfolio, or a
combination of the above.
Factsheets
The Company produces a monthly
factsheet, in addition to quarterly updates, to communicate
developments from across its portfolio and markets in which it
operates. The publications, including the January factsheet
released today, are available on the Company's
website here.
Dr
Alex O'Cinneide, CEO of Gore Street Capital, the Investment Manager
of the Company commented:
"I am pleased to announce the
successful energisation of the Dogfish and Enderby assets in Texas
and Great Britain. This milestone represents the completion of all
four key deliverables outlined to investors during the Company's
2024 Annual Results. These deliverables included securing the
Resource Adequacy contract for Big Rock and the energisation of the
three in-construction assets (Big Rock, Dogfish and Enderby)
totalling 332 MW. This increase in energised capacity places
greater importance on active management to maximise the portfolio's
revenue generation and asset uptime. The monetisation of the
Investment Tax Credits is progressing well, and I look forward to
sharing further updates on this process in due course.
The Company has set itself apart
with a diversified portfolio across five markets, supported by a
strong operational track record. While we remain cognisant of the
broader sector challenges and the distressed nature of our peer
group, the Company has differentiated itself through a strategy
that avoids the risks inherent with a single market concentration
by utilising the appropriate amount of debt, minimising capex and
through active management."
For further
information:
Gore Street Capital
Limited
Alex O'Cinneide / Paula Travesso /
Ben Paulden
Email:
ir@gorestreetcap.com
Tel: +44 (0)
20 4551 7860
Shore Capital (Joint Corporate
Broker)
Anita Ghanekar / Sophie Collins
(Corporate Advisory)
Tel: +44 (0)
20 7408 4050
Fiona Conroy (Corporate
Broking)
J.P. Morgan Cazenove (Joint
Corporate
Broker)
William Simmonds / Jérémie Birnbaum
(Corporate
Finance)
Tel: +44 (0) 20
3493 8000
Burson Buchanan (Media
Enquiries)
Charles Ryland / Henry Wilson /
Samuel
Adams
Tel: +44 (0) 20
7466 5000
Email: gorestreet@buchanan.uk.com
Notes to Editors
About Gore Street Energy Storage
Fund plc
Gore Street is London's first listed
and internationally diversified energy storage fund dedicated to
the low-carbon transition. It seeks to provide Shareholders with
sustainable returns from their investment in a diversified
portfolio of utility-scale energy storage projects. In addition to
growth through increasing operational capacity and a considerable
pipeline, the Company aims to deliver consistent and robust
dividend yield as income distributions to its
Shareholders.
https://www.gsenergystoragefund.com
