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18 Oct 2019 07:00
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
18 October 2019
Gore Street Energy Storage Fund plc
(the "Company" or "Gore Street")
Additional Operational Project
9MW project at London's Port of Tilbury producing income on schedule
Gore Street Energy Storage Fund plc (ticker: GSF), London's first listed energy storage fund investing in income producing assets in the UK and internationally, is pleased to announce that the Company's 100% owned 9.0MW capacity project at the Port of Tilbury ("Port of Tilbury") is now operational and producing regular income for Gore Street. This now almost doubles the size of Gore Street's operational asset base to 19MW.
The behind-the-meter energy storage project benefits from a diversity of income sources including Triad revenues, a secured Fast Frequency Response (FFR) contract and a capacity market contract.
Port of Tilbury has been completed on schedule. It is using batteries from NEC Energy Solutions and it was developed by Origami Energy Ltd.
In addition, it is anticipated that the Company's 100% owned 10MW project at Lower Road in Essex will also become operational before the end of 2019 in-line with previous guidance.
Alex O'Cinneide, CEO of Gore Street Capital, the Company's investment adviser commented:
"We are delighted that our 9MW project at London's Port of Tilbury is now operational on schedule and directly contributing to the Company's revenue. This almost doubles the size of our operational portfolio to 19MW across three UK projects, one of the most significant operational portfolios of energy storage assets in the country.
We are pleased with both Gore Street's significant pipeline for new acquisitions which currently totals over 1GW across 21 projects and a substantial portfolio of purchased projects in construction, including 160MW across both Northern Ireland and the Republic of Ireland. The considerable increase in the size of the Company's portfolio and the strength of these investment pipelines is a clear testament to the recognised leading expertise within the team at Gore Street Capital."
The Legal Entity Identifier of the Company is 213800GPUNVGG81G4O21.
For further information:
Gore Street Capital Limited | |
Alex O'Cinneide | Tel: +44 (0) 20 3826 0290 |
Shore Capital | |
Anita Ghanekar / Hugo Masefield (Corporate Advisory) Henry Willcocks / Fiona Conroy (Corporate Broking) | Tel: +44 (0) 20 7601 6128 |
Media enquiries
Buchanan | |
Charles Ryland / Steph Watson / Henry Wilson | 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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