Gore Street Energy Storage Fund PLC Operational Asset, Dividend Confirmation &COVID-19 (3088I)
April 01 2020 - 2:00AM
UK Regulatory
TIDMGSF
RNS Number : 3088I
Gore Street Energy Storage Fund PLC
01 April 2020
1 April 2020
Gore Street Energy Storage Fund plc
(the "Company" or "Gore Street")
Dividend Confirmation, Further Operational Asset & COVID-19
Update
Gore Street, London's first listed energy storage fund for
assets that support the transition to low carbon power is pleased
to announce completion of construction of one of its many
international projects, the currently limited impact of COVID-19 on
operations and confirmation of its commitment to the annual
dividend.
Further Operational Asset
Lower Road, a 10MW capacity front of the meter project in Essex
and 100% owned by the Company, is now fully operational and
delivering storage and frequency services under its contract. Lower
Road is the Company's single largest operational asset. Lower Road
uses NEC Energy Solutions and Nippon Koei supplied equipment and
system. It is operated using Origami's technology platform.
COVID-19 Update
During this evolving and unprecedented crisis, the health and
safety of all employees, Company stakeholders and their staff have
and will continue to be of primary importance.
All operational assets continue to function as expected and
deliver a continuous source of revenue to the Company despite the
global impacts of Covid-19. Gore Street's operational assets
require minimal human intervention, with typically no staff on
site, and therefore there has been no significant impact at the
current time. Energy storage assets continue to provide a critical
service to the grid in maintaining its stability.
For sites under construction, we are suspending work from the
end of this week in line with UK government direction for public
safety. At this time, we do not believe that these suspensions will
materially delay the expected operation dates due to our
conservative construction schedules. We continue to plan that two
projects will commence operations in Q1 2021 and two in Q3 2021.
The Company will keep working with all stakeholders to ensure
health and safety procedures are in place and construction
programmes are optimised.
Dividend
The Company reaffirms its annual dividend target of 7.0 pence
per share, paid quarterly, in line with Company's operational
portfolio performing and producing cashflow as expected. From 1
April 2019 to 31 December 2019, the Company has announced 6.0 pence
per share in dividends.
Alex O'Cinneide, CEO of Gore Street Capital, the Company's
investment adviser commented:
"At this time of uncertainty for many, Gore Street is pleased to
be able to update its shareholders on further operational progress
and that it currently sees no material impact from COVID-19 on its
ability to continue to meet its investment objectives. I have dealt
with a number of market and environmental disruptions during my
career, and we are applying the lessons right now. I cannot provide
insight into the medical aspects of the coronavirus, but I can tell
you that Gore Street is operating with efficiency and is prepared
to deal with external events that could impact our business. We
have activated a number of the plans which we have put in place -
such as remote working, technology distribution, and online
meetings; these are working well.
We provide essential services, and therefore follow government
guidance and the public interest. I am pleased that across all of
our active projects, operations are on target, and performing
according to our expectations. In the cases where we have reduced
operations according to regulations or to protect workers, such as
our assets under construction, we are actively engaged and ready to
resume full service at any time. Obviously, we all hope for a rapid
and conclusive end to the current health challenge, but I am
pleased that we have been able to maintain the high level of
service, financing, and market activity that Gore Street is known
for. In the longer term, the trend toward more use of alternative
energy in the UK, Europe, and beyond will continue. The income that
our assets produce is neither directly impacted by either energy
demand nor prices, as we principally sell hours of access to our
projects for the grid. Furthermore, it is clear that the UK and
Ireland will continue to develop significant sources of
intermittent renewable power generation to meet international
obligations to reduce global carbon emissions. The requirement for
the services that our assets provide will therefore continue to
grow."
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 / Darren Vickers / 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.
The Company targets an annual dividend of 7.0% of NAV per
Ordinary Share in each financial year, subject to a minimum target
of 7.0 pence per Ordinary Share. Dividends are paid quarterly.
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
UPDWPUGCWUPUGQG
(END) Dow Jones Newswires
April 01, 2020 02:00 ET (06:00 GMT)
Gore Street Energy Storage (LSE:GSF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Gore Street Energy Storage (LSE:GSF)
Historical Stock Chart
From Jul 2023 to Jul 2024