TIDMGSF
RNS Number : 7997D
Gore Street Energy Storage Fund PLC
30 October 2020
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30 October 2020
Gore Street Energy Storage Fund plc
(the "Company" or "Gore Street")
Acquisition of 81MW Operating Battery Storage Portfolio
Significant Acquisition increases operating assets from 29MW to
110MW, and total assets from 239MW to 320MW
Gore Street, London's first listed energy storage fund
supporting the transition to low carbon power, has acquired a
portfolio of 81MW UK operating, cash-generating energy storage
assets (the "Acquisition"). The Acquisition has resulted in the
Company's operating portfolio increasing by almost four-fold from
29MW to 110MW, with total storage assets increasing to 320MW.
Details of the Acquisition
The acquisition portfolio has been acquired for a total of GBP
28.2m[1] with a combination of cash and the issue of new ordinary
shares of Gore Street. GBP21.1m has been paid in cash and GBP7.1m
through the issue of new ordinary shares at 106.0 pence per share,
which is the 30-day volume weighted average share price (VWAP) as
at 27 October 2020.
Of the new ordinary shares issued in consideration for the
Acquisition, 60% will be subject to a lock-up for 12 months
followed by an orderly market arrangement lasting a further 12
months. The remaining 40% will be subject to an orderly market
arrangement for 6 months.
This Acquisition follows from the Company's announcement on 29
June 2020 which disclosed that the Company was in exclusive
negotiations for this portfolio. The portfolio is anticipated to
deliver returns consistent with Gore Street's targets.
Acquired portfolio overview
The portfolio comprises 81MW of operating energy storage assets
in 5 projects with 14 underlying storage facilities:
Companies: Lascar Hulley Larport Ancala Breach
Location Greater Cheshire Derbyshire Various* Derbyshire
Manchester
------------ --------- ----------- --------- -----------
Capacity 20.0 MW 20.0 MW 19.5 MW 11.2 MW 10.0 MW
------------ --------- ----------- --------- -----------
*Ancala is comprised of 10 separate sites of 1.0 - 1.2MW, each
co-located with solar PV projects across the UK and totalling
11.2MW installed capacity
The battery energy storage systems at all sites were provided by
BYD, a leading global storage supplier, increasing the Company's
supplier and technical diversification. Anesco, the vendor and the
EPC provider, is a leading renewable infrastructure developer which
is responsible for more than 145MW of operating UK energy storage
projects. Anesco will continue to provide asset management services
for the 81MW portfolio and is engaged with the Company on terms to
subsequently provide a full revenue optimisation service. Anesco
provides full lifecycle services for solar and storage and
continues to develop, design, construct, operate and maintain high
performing grid scale solutions. Anesco will continue to manage the
acquired projects.
Admission of new ordinary shares
Applications will be made to the FCA for the 6,695,501 new
ordinary shares issued pursuant to the Acquisition to be admitted
to the Premium Segment of the Official List and to the London Stock
Exchange for the new ordinary shares to be admitted to trading on
its main market for listed securities. Admission is expected to
become effective, and dealings in the new Ordinary Shares are
expected to commence, at 8.00 a.m. on 4 November 2020. Following
admission, the new Ordinary Shares will rank pari passu in all
respects with the existing Ordinary Shares.
On admission, the Company's issued share capital will comprise
83,871,681 ordinary shares, none of which will be held in treasury.
Each ordinary share carries the right to one vote and, therefore,
the total number of voting rights in the Company on Admission will
be 83,871,681. This figure may be used by Shareholders and other
investors as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the Company under the FCA's
Disclosure Guidance and Transparency Rules.
Alex O'Cinneide, CEO of Gore Street Capital, the Company's
investment manager, commented:
"This is a significant acquisition which substantially increases
our operating, cash generating assets and further diversifies our
substantial and growing portfolio. The acquisition highlights Gore
Street Capital's continued delivery against the Company's goals and
affirms our preeminent position in the energy storage market. As
many countries look to support the transition to a low carbon
economy, we believe we are in a strong position to facilitate that
transition. With this major operational portfolio acquisition the
Company's portfolio grows to 320MW - one of the largest available
to a financial investor seeking exposure to this sector.
We are very pleased to win this competitive acquisition due to
our strong transactional history and leading portfolio management
reputation. We are also very pleased to partner with Anesco on this
portfolio and look forward to further building on that
relationship. These cash-generating projects further reinforce the
Company's dividend cover and materially enhance Company
earnings".
The Legal Entity Identifier of the Company is
213800GPUNVGG81G4O21.
For further information:
Gore Street Capital Limited
Alex O'Cinneide / Paula Travesso 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)
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.
https://www.gsenergystoragefund.com
[1] GBP28.2m excludes a potential GBP1.0m earn-out contingent to
grid charges
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