Gore Street Energy Storage Fund PLC Construction Resumes on NI Assets (5526M)
May 12 2020 - 2:00AM
UK Regulatory
TIDMGSF
RNS Number : 5526M
Gore Street Energy Storage Fund PLC
12 May 2020
12 May 2020
Gore Street Energy Storage Fund plc
(the 'Company' or 'Gore Street')
Construction Resumes on NI Assets
Resilient Performance Across Operational Assets
Gore Street, London's first listed energy storage fund, is
pleased to announce that construction has resumed on the Company's
two 50MW assets in Northern Ireland, adhering to strict social
distancing measures stipulated by the UK Government. Yesterday NEC,
as the main Engineering, Procurement and Construction ("EPC")
contractor, safely recommenced the programme on both the Mullavilly
and Drumkee sites.
Due to the Company's conservative prior assumptions, these
assets remain on track to become fully operational in time to
secure the valuable DS3 uncapped contracts in April 2021.
Construction of the Northern Irish assets is scheduled to be
completed in December 2020, allowing sufficient time to complete
necessary asset testing before the assets go online.
As previously guided, the DS3 contracts available for these
assets have highly attractive return profiles likely to be
considerably higher than the Company's 10% unlevered target IRR for
portfolio assets.
Separately, there has been no change to the estimated completion
date of the Company's two 30MW assets under construction in the
Republic of Ireland.
Alex O'Cinneide, CEO of Gore Street Capital, the Company's
investment adviser commented:
"We are delighted that construction has resumed so quickly and
safely at the Company's assets in Northern Ireland and that we
remain on track for receiving revenue under the DS3 contracts as
per our original acquisition announcement. The planning to enable
us to safely resume started from the day after we closed the sites
and that effort has delivered this excellent outcome. Our assets
perform an essential and increasingly important service to balance
grid supply in multiple markets, and those services are only
expected to increase in importance. Accordingly, performance across
all the Company's operational assets remains resilient and they
continue to produce cash returns in line with expectations.
Further, our pipeline of potential acquisitions remains robust and
we look forward to updating shareholders on our pipeline progress
in due course. Our partners across the portfolio, both assets in
construction and those in operation, are performing a wonderful job
in difficult circumstances, as are all of my colleagues in Gore
Street."
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 / 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.
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.
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END
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