Gore Street Energy Storage Fund PLC Additional Operational Project (3088Q)
October 18 2019 - 2:00AM
UK Regulatory
TIDMGSF
RNS Number : 3088Q
Gore Street Energy Storage Fund PLC
18 October 2019
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED
STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER
JURISDICTION IN WHICH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL.
18 October 2019
Gore Street Energy Storage Fund plc
(the "Company" or "Gore Street")
Additional Operational Project
9MW project at London's Port of Tilbury producing income on
schedule
Gore Street Energy Storage Fund plc (ticker: GSF), London's
first listed energy storage fund investing in income producing
assets in the UK and internationally, is pleased to announce that
the Company's 100% owned 9.0MW capacity project at the Port of
Tilbury ("Port of Tilbury") is now operational and producing
regular income for Gore Street. This now almost doubles the size of
Gore Street's operational asset base to 19MW.
The behind-the-meter energy storage project benefits from a
diversity of income sources including Triad revenues, a secured
Fast Frequency Response (FFR) contract and a capacity market
contract.
Port of Tilbury has been completed on schedule. It is using
batteries from NEC Energy Solutions and it was developed by Origami
Energy Ltd.
In addition, it is anticipated that the Company's 100% owned
10MW project at Lower Road in Essex will also become operational
before the end of 2019 in-line with previous guidance.
Alex O'Cinneide, CEO of Gore Street Capital, the Company's
investment adviser commented:
"We are delighted that our 9MW project at London's Port of
Tilbury is now operational on schedule and directly contributing to
the Company's revenue. This almost doubles the size of our
operational portfolio to 19MW across three UK projects, one of the
most significant operational portfolios of energy storage assets in
the country.
We are pleased with both Gore Street's significant pipeline for
new acquisitions which currently totals over 1GW across 21 projects
and a substantial portfolio of purchased projects in construction,
including 160MW across both Northern Ireland and the Republic of
Ireland. The considerable increase in the size of the Company's
portfolio and the strength of these investment pipelines is a clear
testament to the recognised leading expertise within the team at
Gore Street Capital."
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
Anita Ghanekar / Hugo Masefield (Corporate Advisory) Tel: +44 (0) 20 7601 6128
Henry Willcocks / Fiona Conroy (Corporate Broking)
Media enquiries
Buchanan
Charles Ryland / Steph Watson / Henry Wilson 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.
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.
END
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