Important information

Gore Street Energy Storage Fund plc, the internationally diversified energy storage fund, is pleased to announce increased financing facilities at both the project level and the Company level. Details of the two upsized facilities are provided below.

Big Rock Project Finance Facility Upsized to $90 Million

Gore Street Energy Storage Fund's 100% subsidiary, Big Rock ESS Assets LLC, which owns the 200MW / 400MWh Big Rock project in California, has successfully completed the loan conversion process and upsized the facility from the initial $60.0 million to a $90.0 million facility with First Citizens Bank, following the project successfully completing construction milestones. This increased facility will finance the remaining capital costs of the Big Rock project. The Big Rock project has secured a 12-year fixed price contract known as the Resource Adequacy contract, which ensures a stable revenue stream worth over $14 million annually, which is expected to account for up to 40% of total project revenues. Additionally, the project is expected to benefit from Investment Tax Credits covering up to 30% of eligible capital costs under the 2022 US Inflation Reduction Act, which significantly reduces the project's capital costs.

Revolving Credit Facility upsized to £100 Million

The Company has also successfully upsized its revolving credit facility ("RCF") with Santander Group from £50.0 million to £100.0 million. The increased £100.0 million facility was arranged by Santander Corporate & Commercial Banking and Santander Corporate Investment Banking acting as Mandate Lead Arrangers. It remains priced at 300 basis points over SONIA, ratcheting to up to 350 basis points over SONIA subject to the prevailing debt to GAV ratio, with a four-year term extending to 2028. This upsized facility builds on the Company's existing relationship with Santander and provides additional flexibility to finalise the buildout of the Company's in-construction assets, including potential duration expansions or the ability to consider building out additional capacity from the Company's pipeline.  

Alex O'Cinneide, CEO of Gore Street Capital, commented:

"I am pleased to announce the availability of these two upsized facilities to the Company. This ensures enhanced liquidity and the ability to continue to further scale the Company.

GSF has maintained by far the lowest debt-to-GAV ratio compared to peers (gearing ratio being 11.1% of GAV, based on September-end drawings relative to the last published NAV, June-end 2024). We will continue our prudent approach and, despite the availability of these facilities, will ensure the appropriate consideration is given before any drawings are made.

The Company has continued to execute against the targets set out to investors. With the Resource Adequacy contract secured earlier in the month, providing over $165.0 million of contracted revenue over the life of the contract, and the securing of these facilities, we are well-positioned for the future. I look forward to updating the market regularly over the coming months with news of the energisation of the three remaining construction projects, followed by the ITC cash inflow shortly thereafter."

For further information:  

Gore Street Capital Limited           

Alex O'Cinneide / Paula Travesso / Ben Paulden 

Email: [email protected]                                                                               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: [email protected]  

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