REG - Gore Street Energy - Portfolio Update

Gore Street Energy Storage FundAnnouncement

29/11/2021 07:00

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RNS Number : 7953T  Gore Street Energy Storage Fund PLC  29 November 2021

29 November 2021

Gore Street Energy Storage Fund plc

(the 'Company' or 'Gore Street')

Portfolio Update

Significant Capacity Increase at ROI asset increases overall portfolio to over
600MW

Gore Street Energy Storage Fund (GSF), London's first listed and category
defining energy storage fund supporting the transition to a low carbon
society, is pleased to provide a capacity increase update for one of its
Republic of Ireland (ROI) assets.

Following the announcement made on 30 March 2021, Kilmannock, one of the
Company's ROI assets in construction, has secured a significant increase in
its allocated grid connection capacity. The asset will benefit from grid
connection volume allocation of an additional 90MW, in addition to the 30MW
currently secured.

The increased asset capacity will lower the price per MW of construction
costs, further increasing the price advantage of this asset, giving the
Company a competitive advantage.

As at 19 November 2021, the Company's portfolio now consists of over 600MW of
operating and under construction projects in the UK and Ireland, with 310MW of
assets across the island of Ireland, constituting the largest portfolio of
Irish assets available to investors.

The two operational assets of the Irish portfolio, Drumkee and Mullavilly,
played a key role in preventing a black-out on the Irish transmission network
following the sudden loss of two conventional generators on Monday 22
November.

Alex O'Cinneide, CEO of Gore Street Capital, the Company's investment adviser
commented:

"We are very pleased with the significant capacity increase of our Kilmannock
asset, which will take our total portfolio to over 600MW. I would like to
thank the Ireland Strategic Investment Fund for their continued support in
assisting Gore Street in the growth of our portfolio in Ireland and look
forward to working closely with them in the future. With the ever-growing
number of renewable energy assets being developed and connected to grid
networks, the need for energy storage projects is increasing exponentially
over the coming years and we believe that Gore Street is in an excellent
position to capitalise on this growing demand."

Paul Sanders, Head of Climate at Ireland Strategic Investment Fund National
Treasury Management Agency, added:

"We are delighted to see Gore Street creating real impact in the Irish energy
market. The delivery of this flexible infrastructure is key to enabling the
Irish energy system to increase renewable generation in line with the Irish
government's ambitious target, with plans to increase the proportion of
renewable electricity to up to 80% by 2030 ."

The Legal Entity Identifier of the Company is 213800GPUNVGG81G4O21.

For further information:

 Gore Street Capital Limited
 Alex O'Cinneide / 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 4050

 Fiona Conroy / Henry Willcocks (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.

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.

Disclaimer

This announcement has been issued by, and is the sole responsibility of, Gore
Street Energy Storage Fund plc (the "Company").

This announcement is for information purposes only and is not intended to and
does not constitute or form part of any offer or invitation to purchase or
subscribe for, or any solicitation to purchase or subscribe for shares in any
jurisdiction in which such an offer or solicitation is unlawful.

The information and opinions contained in this announcement are provided as at
the date of the announcement and are subject to change without notice and no
representation or warranty, express or implied, is or will be made in relation
to the accuracy or completeness of the information contained herein.

The information in this announcement may include forward-looking statements,
which are based on the current expectations, intentions and projections about
future events and trends or other matters that are not historical facts and in
certain cases can be identified by the use of terms such as "may", "will",
"should", "could", "expect", "anticipate", "project", "estimate", "intend",
"continue", "target", "believe" (or the negatives thereof) or other variations
thereof or comparable terminology. These forward-looking statements, as well
as those included in any related materials, are not guarantees of future
performance and are subject to known and unknown risks, uncertainties,
assumptions about the Company and other factors, including, among other
things, the development of its business, trends in its industry, and future
capital expenditures and acquisitions. In light of these risks, uncertainties
and assumptions, the events in the forward-looking statements may not occur
and actual results may differ materially from those expressed or implied by
such forward looking statements. Given these risks and uncertainties,
prospective investors are cautioned not to place undue reliance on
forward-looking statements.

 

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