Important information

THIS ANNOUNCEMENT, AND THE INFORMATION CONTAINED IN IT, IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL OR RESTRICTED BY LAW.

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

UNLESS THE CONTEXT REQUIRES OTHERWISE, WORDS AND EXPRESSIONS DEFINED IN THE PROSPECTUS PUBLISHED BY THE COMPANY ON 16 JULY 2019 HAVE THE SAME MEANINGS WHEN USED IN THIS ANNOUNCEMENT.

Key highlights:

• Gross proceeds of £23.7 million raised from the total issue of 24,627,365 new Ordinary Shares at 96.1p per Ordinary Share
• Net proceeds will be used to fund investment opportunities from the Investment Adviser's considerable pipeline of 150 MW of energy storage projects under exclusivity , in accordance with the Company's investment policy and return profile
• Threefold growth in available capital since IPO

Further to the announcement on 19 June 2020, the Company is pleased to announce the result of the placing of new Ordinary Shares pursuant to the Placing Programme (the "Placing"), a further direct subscription for Ordinary Shares and the PrimaryBid offer (the "PrimaryBid Offer") (together the "Fundraise").

In addition to the 3,000,000 Ordinary Shares issued to JXTG Nippon Oil & Energy Corporation on 30 June, a total of 21,627,365 new Ordinary Shares will be issued pursuant to the Fundraise at 96.1p per share, raising combined gross proceeds of £23.7 million, which will be used to fund investments in accordance with the Company's investment policy.

Applications have been made to the FCA for the 21,627,365 new Ordinary Shares issued pursuant to the Fundraise to be admitted to the premium segment of the Official List and to the London Stock Exchange for the new Ordinary Shares to be admitted to trading on its main market for listed securities. Admission is expected to become effective, and dealings in the new Ordinary Shares are expected to commence, at 8.00 a.m. on 8 July 2020. Following Admission, the new Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares.

On Admission, the Company's issued share capital will comprise 77,176,180 Ordinary Shares, none of which will be held in treasury. Each Ordinary Share carries the right to one vote and, therefore, the total number of voting rights in the Company on Admission will be 77,176,180. This figure may be used by Shareholders and other investors as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Commenting on the Fundraise, Alex O'Cinneide, CEO of Gore Street Capital, the Company's investment manager said:

"We are delighted to have had such strong support, not only from our previous shareholders, but also from so many newcomers to Gore Street.  The level of investor demand for both the Placing and the PrimaryBid Offer has exceeded our expectations and we welcome all to Gore Street's shareholder register and thank them for their commitment. We think that the level of demand reflects an awareness of the strong income nature of our performing projects in the Covid-19 environment, combined with excellent growth potential in our energy storage asset class, supported by a growing unmet need and attractive ESG characteristics.

Since IPO in May 2018 we have grown the capital available to successfully pursue our growth strategy threefold, making this trust the fastest growing of any of the renewable investment trusts. This has been achieved because of our strong differentiators of best in class capital efficiency and best in class commercialisation of our international portfolio. We plan to continue to grow at a rapid pace. We look forward to putting this new capital to work against our extensive, current development portfolio and live investment pipeline."

The Legal Entity Identifier of the Company is 213800GPUNVGG81G4O21.

The person responsible for releasing this announcement is Susan Fadil.

For further information:

Media enquiries

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% of NAV per Ordinary Share in each financial year, subject to a minimum target of 7.0 pence per Ordinary Share. Dividends are paid quarterly.