24 February 2025

Gore Street Energy Storage Fund plc 

(the "Company" or "GSF") 

Assets Energised and ITC Update

Derisked portfolio with energised capacity reaching 753.4 MW / 924.1 MWh

Gore Street Energy Storage Fund plc (LSE: GSF), the internationally diversified energy storage fund, is pleased to announce the energisation of its remaining in-construction assets: "Dogfish" (75 MW / 75 MWh, Texas) and "Enderby" (57 MW / 57 MWh, Great Britain).

Energised capacity reaches 753.4 MW / 924.1 MWh

The successful energisation of all remaining assets under construction marks a pivotal milestone in transitioning to a steady-state portfolio, with the energised portfolio capacity now at the targeted 753.4 MW / 924.1 MWh. This significant milestone represents a 79% increase in MW capacity, including the energisation of the "Big Rock" asset in California, US (200 MW / 400 MWh) announced in January. All assets are scheduled to be revenue-generating in FYQ1 (by June-end) of the upcoming Financial Year (FY25/26). The non-GB assets now represent 61% of the total energised portfolio on a MW basis, highlighting the Company's internationally diversified strategy.

Investment Tax Credits

While the Trump administration has taken action regarding the permitting of onshore and offshore wind, no action has been taken regarding the Investment Tax Credits (ITCs).  External legal counsel has also advised that there has been no change to the eligibility of the Company's projects to qualify for the ITCs, and ITC applications will be filed as soon as possible.  In addition, the Investment Manager continues to negotiate the sale of the ITCs; no change in market appetite or pricing from well-established ITC buyers has been seen, reflecting overall market confidence.

As previously communicated to the market, the application of the ITC proceeds will prioritise shareholder value. The Board is actively assessing this matter and engaging with shareholders and the Investment Manager on their use. Options under consideration include returning capital to shareholders through mechanisms such as a buy-back program, repayment of debt, investing in the portfolio, or a combination of the above.

Factsheets

The Company produces a monthly factsheet, in addition to quarterly updates, to communicate developments from across its portfolio and markets in which it operates. The publications, including the January factsheet released today, are available on the Company's website here.

Dr Alex O'Cinneide, CEO of Gore Street Capital, the Investment Manager of the Company commented:

"I am pleased to announce the successful energisation of the Dogfish and Enderby assets in Texas and Great Britain. This milestone represents the completion of all four key deliverables outlined to investors during the Company's 2024 Annual Results. These deliverables included securing the Resource Adequacy contract for Big Rock and the energisation of the three in-construction assets (Big Rock, Dogfish and Enderby) totalling 332 MW. This increase in energised capacity places greater importance on active management to maximise the portfolio's revenue generation and asset uptime. The monetisation of the Investment Tax Credits is progressing well, and I look forward to sharing further updates on this process in due course.

The Company has set itself apart with a diversified portfolio across five markets, supported by a strong operational track record. While we remain cognisant of the broader sector challenges and the distressed nature of our peer group, the Company has differentiated itself through a strategy that avoids the risks inherent with a single market concentration by utilising the appropriate amount of debt, minimising capex and through active management."

For further information:  

Gore Street Capital Limited           

Alex O'Cinneide / Paula Travesso / Ben Paulden 

Email: [email protected]                                                                  Tel: +44 (0) 20 4551 7860  

Shore Capital (Joint Corporate Broker)    

Anita Ghanekar / Sophie Collins (Corporate Advisory)                              Tel: +44 (0) 20 7408 4050  

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 / Samuel Adams                                       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