Important information

Gore Street Energy Storage Fund plc today announces the refinancing of its Big Rock asset. GSF's subsidiary, Big Rock ESS Assets LLC, which owns the 200 MW / 400 MWh Big Rock project in California, has entered into a new term loan facility with First Citizens Bank as the lead arranger and lender.

The new facility is a term loan including a Letter of Credit facility of c.$52.4 million with a five-year tenor, replacing the project's existing $60.0 million facility. Interest is charged at a lower cost of debt than the facility it replaces. The loan partially amortises over the term, with a balloon payment at maturity.

With Big Rock now operational for nearly a year, the new facility is appropriately sized against the project's operating cash flow. The Company's gearing policy remains prudent and targets borrowings of no more than 30% of Gross Asset Value ('GAV').

Alex O'Cinneide, CEO of Gore Street Investment Management, the Investment Manager to the Company, commented: "This refinancing lowers the cost of debt on Big Rock and demonstrates the progress we are making on our strategic initiatives to reduce costs. Big Rock has been operational for nearly a year, and this long-term project financing now reflects that maturity."

For further information:  

https://www.gsenergystoragefund.com