REG - Gore Street Energy - Sale of Final Tax Credit

Gore Street Energy Storage FundAnnouncement

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RNS Number : 8270Q  Gore Street Energy Storage Fund PLC  14 July 2025

14 July 2025

Gore Street Energy Storage Fund plc

(the "Company" or "GSF")

Sale of Final Tax Credit in Excess of Original Guidance

Gore Street Energy Storage Fund, the internationally diversified energy
storage fund, is pleased to announce that its recently completed asset, "Big
Rock", has entered into an agreement for the sale of its Investment Tax
Credits ("ITCs").

This transaction represents the final sale of the Company's US ITC
entitlements and follows the previously announced sale and receipt of the
Dogfish ITCs. Together, these transactions have a combined consideration of
c.$84 million net of insurance costs, comfortably exceeding the guidance
previously communicated, highlighting the strong commercial terms achieved.

Under the terms of the agreement, Big Rock's proceeds have been structured to
be monetised in tranches. The Company will receive 50% of Big Rock's ITC
within the coming days, with the next 25% of proceeds to be received by Autumn
2025 and the balance by the end of the current calendar year.

The first tranche will be used to reduce the drawn amount on the Big Rock debt
facility from $90 million to $60 million and also fund reserves to cover the
settlement of project build-out costs for Big Rock. This will result in
lowering the Company's gearing and associated borrowing costs.

As outlined in the Company's recent June update, it expects to distribute a
further 3 pence per share once the proceeds from the sale of the Big Rock ITCs
become available for distribution, which is expected to be in H2 2025. The
Board intends to distribute 3 pence per share by way of special dividends in
two equal instalments of 1.5 pence per share, to be paid by the end of the
calendar year. The exact timing of each payment will be confirmed through
separate dividend announcements shortly.

Alex O'Cinneide, CEO of Gore Street Investment Management, commented:

"The $84 million we have secured through these tax credit transfer agreements
is a substantial capital inflow, particularly in a market where access to
equity remains constrained. Our shareholders will directly benefit from this
significant inflow through the payment of special dividends.

The energy storage sector is undergoing a rapid transformation. The pace of
cost declines is now outpacing even what we saw in the solar industry,
creating a compelling opportunity for those with the capital and capability to
act decisively. With the cost of increasing duration now reaching levels half
of what they were only a few years ago, the return on investment, and
therefore augmentation for both our GB and Ireland portfolios, becomes
increasingly attractive. We remain focused on deploying capital where it can
generate the most significant long-term value for our investors."

For further information:  

Gore Street Investment
Management

Alex O'Cinneide / Paula Travesso / Ben Paulden
 

Email: ir@gorestreetcap.com (mailto:ir@gorestreetcap.com)
 
Tel: +44 (0) 20 3826 0290

 

Shore Capital (Joint Corporate Broker)

Anita Ghanekar / Sophie Collins                (Corporate Advisory)
                          Tel: +44 (0) 20 7408 4090

Fiona Conroy (Corporate Broking)

 

J.P. Morgan Cazenove (Joint Corporate Broker)

William Simmonds / Jérémie Birnbaum (Corporate Finance)
            Tel: +44 (0) 20 3493 8000

 

Burson Buchanan (Media Enquiries) 

Charles Ryland / Henry Wilson / George
Beale
Tel: +44 (0) 20 7466 5000

Email: gorestreet@buchanan.uk.com

 

Notes to Editors  

About Gore Street Energy Storage Fund plc  

Gore Street is London's first listed and internationally diversified energy
storage fund dedicated to the low-carbon transition. It seeks to provide
Shareholders with sustainable returns from their investment in a diversified
portfolio of utility-scale energy storage projects. In addition to growth
through increasing operational capacity and a considerable pipeline, the
Company aims to deliver consistent and robust dividend yield as income
distributions to its Shareholders.  

 

https://www.gsenergystoragefund.com (https://www.gsenergystoragefund.com)

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