Gore Street Energy Storage Fund PLC Further Opportunity following Legislation Changes
July 20 2020 - 2:00AM
RNS Non-Regulatory
TIDMGSF
Gore Street Energy Storage Fund PLC
20 July 2020
For Immediate Release 20 July 2020
Gore Street Energy Storage Fund plc
(the "Company" or "Gore Street")
Further Opportunity following Legislation Changes
Continued Momentum for the Energy Storage Sector as Maximum
Project Size Raised in England and Wales
Gore Street, London's first listed energy storage fund
supporting the transition to low carbon power, is pleased to note
the recent legislation change to allow larger energy storage
projects, above 50 MW in England and 350 MW in Wales.
The new legislation removes energy storage, except pumped hydro,
from the Nationally Significant Infrastructure Projects regime in
England and Wales. This means that the primary consenting route for
energy storage projects above 50 MW in England or above 350 MW in
Wales will be under the Town and Country Planning Act. This will
allow larger projects to gain planning permission without
government approval and is expected to encourage significantly
greater energy storage resources on the grid at a faster rate to
support higher levels of renewable generation.
Gore Street will be looking to capitalise on the positive move
in the sector by taking advantage of the cost savings involved in
participating in larger projects. The announcement, passed by
ministers on 14 July 2020 could see the number of battery storage
projects on the grid triple, according to the Department of
Business, Energy and Industrial Strategy (BEIS) as reported in
trade press.
The secondary legislation has been brought about by the
increased number of active intermittent renewable energy assets
across England and Wales, highlighting the increasing need for
energy storage systems to balance the grid.
Alex O'Cinneide, CEO of Gore Street Capital, the Company's
investment adviser, commented:
"This is a very exciting time for Gore Street, we have already
upgraded assets in exclusivity to a larger size as a reaction to
this change. We will be looking for opportunities, subject to
projects meeting our returns criteria and the availability of the
necessary finance, to participate in these larger projects since
this would enable us to scale up faster and achieve economies of
scale to play our part in the transition to intermittent renewable
energy sources. Already, the largest portfolio available to a
public investor, this policy move will help us to scale up faster
than previously anticipated to an even larger portfolio to create
additional value for the Company's shareholders.
It's great to see further government support for an
infrastructure asset class that is instrumental to the future of
national energy security in the UK which Gore Street is ideally
placed to capitalise upon as the known experts and first movers in
the market. As announced previously, we have a very active pipeline
of potential acquisitions that we look forward to updating
investors shortly on following our recent successful capital raise
from new and existing investors."
For further information:
Gore Street Capital Limited
Alex O'Cinneide / Paula Travesso Tel: +44 (0) 20 3826 0290
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. For the last fiscal year ending in
March 2020, Gore Street has paid/announced 7.0 pence per ordinary
share in accordance with target. Dividends were paid quarterly and
Company expects to continue paying on a quarterly basis.
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END
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