TIDMGSF
RNS Number : 5757Q
Gore Street Energy Storage Fund PLC
22 June 2020
THIS ANNOUNCEMENT, AND THE INFORMATION CONTAINED IN IT, IS NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA,
CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE
SAME WOULD BE UNLAWFUL OR RESTRICTED BY LAW.
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE
REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN
THE PUBLIC DOMAIN.
THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND DOES NOT CONSTITUTE A
PROSPECTUS. INVESTORS MUST SUBSCRIBE FOR OR PURCHASE ANY SHARES
REFERRED TO IN THIS ANNOUNCEMENT ONLY ON THE BASIS OF INFORMATION
CONTAINED IN THE PROSPECTUS PUBLISHED BY THE COMPANY ON 16 JULY
2019 (THE "PROSPECTUS") AND NOT IN RELIANCE ON THIS ANNOUNCEMENT. A
COPY OF THE PROSPECTUS IS AVAILABLE FOR INSPECTION, SUBJECT TO ANY
APPLICABLE RESTRICTIONS, FROM THE COMPANY'S REGISTERED OFFICE AND
ON ITS WEBSITE (WWW.GSENERGYSTORAGEFUND.COM).
UNLESS THE CONTEXT REQUIRES OTHERWISE, WORDS AND EXPRESSIONS
DEFINED IN THE PROSPECTUS HAVE THE SAME MEANINGS WHEN USED IN THIS
ANNOUNCEMENT.
22 June 2020
Gore Street Energy Storage Fund plc
(the "Company" or "Gore Street")
Acquisition & Pipeline Update
Portfolio Size Increased to 239MW
Gore Street, London's first listed and fully ESG compliant
energy storage fund supporting the transition to low carbon power ,
is pleased to announce that, further to the announcement on Friday
19 June 2020, it has entered into an agreement to acquire a 100%
interest in Ferrymuir Energy Storage Limited, a 50MW energy storage
project (the "Project").
Last Friday, the Company announced:
-- JXTG Nippon Oil & Energy Corporation (" JXTG "), largest
petroleum company in Japan, as the new strategic investor
subscribing for GBP2.9 million in shares .
-- An interim dividend of 1.0 penny per Ordinary Share for the
period from 1 January 2020 to 31 March 2020 bringing the total
dividend distribution for the year to the target of 7.0 pence per
Ordinary Share.
-- Proposed an issue of new Ordinary Shares at a price of 96.1
pence per share (the "Issue Price"), by way of a non-pre-emptive
placing pursuant to the Company's Placing Programme (the
"Placing").
Further details can be accessed on the Company's website .
Acquisition
The Project, which has been acquired from a group of investors
comprising Abbey Properties, Yoogen and Intelligent Land
Investments, consists of a 50MW energy storage system in Fife,
Scotland, for which all land rights, grid connections and planning
consents have already been secured. The Company will arrange and
manage construction of the Project, which is scheduled to become
operational in 2022. Gore Street's investment adviser, Gore Street
Capital Limited (the "Adviser"), estimates the Project will have an
unlevered IRR in line with Gore Street's target range.
Pipeline Update
This Project brings Gore Street's total portfolio size to 239MW,
the largest of any UK based manager and is part of the 140MW GB
storage pipeline in Scotland for which the Company announced
exclusivity on 28 February 2020. As previously announced, the
Company has also secured exclusivity on a new 20MW asset near
London which is also undergoing due diligence with a view to
acquisition in the near term. In total, the Company now has an
additional 900MW in exclusivity and/or pipeline.
Alex O'Cinneide, CEO of Gore Street Capital, the Company's
investment adviser, commented:
"We are extremely pleased to announce the acquisition of
Ferrymuir which adds a significant asset to our already substantial
portfolio of projects. The acquisition highlights Gore Street's
continued delivery against the company's goals and proves out the
extensive growth potential in front of the company, with a total of
900MW's of future projects in or due to begin construction. The
project is our first in Scotland, a very attractive market for
energy storage, and adds to a portfolio diversified in markets,
assets and counter parties. We are proud to be part of the
transition to a low carbon economy, and at the forefront of energy
storage as an asset class. We expect to update the market on
further acquisitions in Scotland, and England in due course."
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 (Sole Broker)
Anita Ghanekar / Darren Vickers / Hugo Masefield (Corporate Advisory) Tel: +44 (0) 20 7601 6128
Henry Willcocks / Fiona Conroy (Corporate Broking)
Zeus Capital (Co-Placing Agent)
Daniel Harris / Rishi Majithia / Ben Burnett (Corporate Finance)
Tel: +44 (0) 20 3829 5000
John Goold / Dominic King (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% 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
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