29 November 2021
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)
Fiona Conroy / Henry Willcocks (Corporate Broking)
Tel: +44 (0) 20 7 408 4050
|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: [email protected]
|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% o f NAV per Ordinary Share in each financial year, subject to a minimum target of 7.0 pence per Ordinary Share. Dividends are paid quarterly.
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.