Gore Street Energy Storage Fund PLC Further 131MW Portfolio under Exclusivity (2976R)
June 29 2020 - 1:00AM
UK Regulatory
TIDMGSF
RNS Number : 2976R
Gore Street Energy Storage Fund PLC
29 June 2020
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.
THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND DOES NOT CONSTITUTE A
PROSPECTUS. INVESTORS MUST SUBSCRIBE FOR OR PURCHASE ANY SHARES
REFERRED TO IN THIS ANNOUNCEMENT ONLY ON THE BASIS OF INFORMATION
CONTAINED IN THE PROSPECTUS PUBLISHED BY THE COMPANY ON 16 JULY
2019 (THE "PROSPECTUS") AND NOT IN RELIANCE ON THIS ANNOUNCEMENT. A
COPY OF THE PROSPECTUS IS AVAILABLE FOR INSPECTION, SUBJECT TO ANY
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ON ITS WEBSITE (WWW.GSENERGYSTORAGEFUND.COM).
29 June 2020
Gore Street Energy Storage Fund plc
(the "Company" or "Gore Street")
Further 131MW Portfolio of Assets under Exclusivity
Gore Street, London's first listed energy storage fund
supporting the transition to low carbon power, is pleased to
announce that it has secured a further 131MW portfolio under
exclusivity including 81MW of cash generating operational assets,
following a competitive process. These operational assets, which
are still subject to completion of successful due diligence, have
an anticipated closing of mid-August.
The exclusivity agreements cover 131MW of assets including:
-- an operational portfolio of 81MW located across Great Britain; and
-- a 50MW project under development in Southern England.
The 131MW portfolio of assets under exclusivity announced today
is in addition to the 20MW London asset under construction
announced on 22 June 2020, leading to a combined total of 151MW
currently under exclusivity and forms part of Gore Street's 900MW
pipeline.
All of these assets are anticipated to be acquired on
competitive pricing terms and deliver returns in line with Gore
Street's targeted unlevered IRR of 10%.
Alex O'Cinneide, CEO of Gore Street Capital, the Company's
investment adviser, commented:
"In addition to the recent announcement of the 50MW Ferrymuir
acquisition, we are delighted to have secured exclusivity
agreements for a further 131MW of attractive projects that will
significantly add to the scale and diversity of the Gore Street
portfolio."
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 (Sole Broker)
Anita Ghanekar / Darren Vickers / Hugo Masefield (Corporate Advisory) Tel: +44 (0) 20 7601 6128
Henry Willcocks / Fiona Conroy (Corporate Broking)
Zeus Capital (Co-Placing Agent)
Daniel Harris / Rishi Majithia / Ben Burnett (Corporate Finance) Tel: +44 (0) 20 3829 5000
John Goold / Dominic King (Corporate Broking)
Media enquiries
Buchanan
Charles Ryland / Henry Wilson / George Beale 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.
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.
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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