Important information

The Board of Gore Street Energy Storage Fund plc today provides an update on the sale of the Company's 22 MW operational asset in Germany, Cremzow.

As previously reported, multiple bidders had submitted offers and the process had reached an advanced stage, with a sale and purchase agreement in finalisation. However, at a late stage the prospective buyer sought to significantly alter its offer to a level the Board considered represented poor value for Shareholders. Accordingly, the process will no longer be moving forward with this party.

There is no obvious market-based rationale for this reduction and the asset is trading well, achieving revenues of £17.19/MW/hr in Q1 FY26/27. Therefore, the Board considers the most likely reason for the disruption to the sale process with this buyer is the uncertainty caused by Saba's requisitioned resolutions. As a result, the Board no longer considers the disposal to be at an advanced stage and the timeline on this disposal process has extended; and consequently, the GSF Board sub-committee has instructed the sell-side adviser, Alexa Capital, to re-engage with other parties.

None of the bidders in this or other sales processes underway are entities managed by Gore Street Investment Management, the Company's investment manager.

Angus Gordon Lennox, Chair of the Company, commented: "This is an unfortunate and frustrating development in light of this sale process being in a very advanced stage. As we have previously noted to Shareholders, one of the consequences of the requisitioned Saba resolutions is that live sale processes may be adversely affected, either because the Company is perceived to be a forced seller or because of broader uncertainty regarding its future, and with consequent detrimental impacts on the value achievable for Shareholders. We will continue to provide regular updates to Shareholders on this sale and on the parallel processes underway."

For further information:

 https://www.gsenergystoragefund.com