Important information

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Gore Street, London's first listed and fully ESG compliant energy storage fund supporting the transition to low carbon power, is pleased to announce that, further to the announcement on Friday 19 June 2020,  it has entered into an agreement to acquire a 100% interest in Ferrymuir Energy Storage Limited, a 50MW energy storage project (the "Project").

Last Friday, the Company announced:

·    JXTG Nippon Oil & Energy Corporation ("JXTG"), largest petroleum company in Japan, as the new strategic investor subscribing for £2.9 million in shares.

·    An interim dividend of 1.0 penny per Ordinary Share for the period from 1 January 2020 to 31 March 2020 bringing the total dividend distribution for the year to the target of 7.0 pence per Ordinary Share.

·    Proposed an issue of new Ordinary Shares at a price of 96.1 pence per share (the "Issue Price"), by way of a non-pre-emptive placing pursuant to the Company's Placing Programme (the "Placing").

Further details can be accessed on the Company's website.

Acquisition

The Project, which has been acquired from a group of investors comprising Abbey Properties, Yoogen and Intelligent Land Investments, consists of a 50MW energy storage system in Fife, Scotland, for which all land rights, grid connections and planning consents have already been secured. The Company will arrange and manage construction of the Project, which is scheduled to become operational in 2022. Gore Street's investment adviser, Gore Street Capital Limited (the "Adviser"), estimates the Project will have an unlevered IRR in line with Gore Street's target range.

Pipeline Update

This Project brings Gore Street's total portfolio size to 239MW, the largest of any UK based manager and is part of the 140MW GB storage pipeline in Scotland for which the Company announced exclusivity on 28 February 2020. As previously announced, the Company has also secured exclusivity on a new 20MW asset near London which is also undergoing due diligence with a view to acquisition in the near term. In total, the Company now has an additional 900MW in exclusivity and/or pipeline.

Alex O'Cinneide, CEO of Gore Street Capital, the Company's investment adviser, commented:

"We are extremely pleased to announce the acquisition of Ferrymuir which adds a significant asset to our already substantial portfolio of projects. The acquisition highlights Gore Street's continued delivery against the company's goals and proves out the extensive growth potential in front of the company, with a total of 900MW's of future projects in or due to begin construction. The project is our first in Scotland, a very attractive market for energy storage, and adds to a portfolio diversified in markets, assets and counter parties. We are proud to be part of the transition to a low carbon economy, and at the forefront of energy storage as an asset class. We expect to update the market on further acquisitions in Scotland, and England in due course."

The Legal Entity Identifier of the Company is 213800GPUNVGG81G4O21.

For further information:

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.