REG - Gore Street Energy - EPC Contract signed

Gore Street Energy Storage FundAnnouncement

14/03/2022 07:00

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RNS Number : 5868E  Gore Street Energy Storage Fund PLC  14 March 2022

14 March 2022

Gore Street Energy Storage Fund plc

(the "Company" or "Gore Street")

 

EPC Contract signed

 

Gore Street, London's first energy storage fund supporting the transition to
low carbon power, is pleased to announce that Nidec ASI has been selected to
be the EPC (Engineering, Procurement, Construction) contractor for the
Company's energy storage assets in Ferrymuir (49.9MW) and Stony (79.9MW). The
assets are both of one hour duration, beginning-of-life energy storage
systems. Ferrymuir is a project located in county Fife, in Scotland,
connecting to the Scottish Power Distribution network. Stony is located in
England, close to Milton Keynes, connecting to the Western Power Distribution
grid.

The contracts include the EPC agreements and long-term service agreements
(O&M) for maintenance and operation, including Availability and Energy
Capacity warranties, as well as stringent performance requirements to be
demonstrated by Nidec ASI.

The assets are scheduled to be energised in Q4 2022 and both to achieve
Commercial Operations Date in February 2023.  The assets will operate in
Dynamic Containment, FFR (firm frequency response), wholesale and balancing
mechanism trading. The assets will also be able to participate in new services
made available by National Grid and Distribution Network Operators.

Nidec ASI is a leading company in the development of large-scale electricity
storage, offering complete customised solutions which contribute to the
development of the energy market.

Nidec ASI, thanks to its know-how, the result of over 150 years of
technological innovation and a customised approach, wishes to actively
contribute to the transition towards renewable energy, combating climate
change and air pollution generated by the continuous increase in CO2 emissions
towards a sustainable greener future.

 

 ENDS

The Legal Entity Identifier of the Company is 213800GPUNVGG81G4O21.

For further information:

 Gore Street Capital Limited
 Alex O'Cinneide / Paula Travesso / Maria Vaggione                 Tel: +44 (0) 20 3826 0290

 Shore Capital (Joint Corporate Broker)
 Anita Ghanekar / Rose Ramsden / Iain Sexton (Corporate Advisory)  Tel: +44 (0) 20 7 408 4090

  Fiona Conroy (Corporate Broking)

 

 J. P. Morgan Cazenove (Joint Corporate Broker)
 William Simmonds / Jérémie Birnbaum (Corporate Finance)    Tel: +44 (0) 20 7742 4000

 

Buchanan (Media enquiries)

 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.

 

 

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