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Energisation of 50MW Irish Project
Energisation of 50MW Irish Project.
About this update from Gore Street Energy Storage Fund Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2451G\n Gore Street Energy Storage Fund PLC\n 24 November 2020\n \n \n \n \n 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.\n \n \n 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.\n \n \n 24 November 2020\n \n Gore Street Energy Storage Fund plc\n (the \"Company\" or \"Gore Street\")\n Energisation of 50MW Irish Project\n 100MW of Irish portfolio expected to be operational in Q1 2021\n Gore Street, London's first listed energy storage fund supporting the transition to low carbon power, is pleased to announce the energisation on schedule of its Drumkee project, a 50MW installed capacity project located in Northern Ireland. Drumkee is now the largest energy storage project in Ireland and will contribute significantly towards local climate changes goals.\n \n Mullavilly, Gore Street's second 50MW project located in Northern Ireland is expected to be energised in December. Both Drumkee and Mullavilly (\"the Projects\") are expected to be commissioned and operational in Q1 2021. This would bring Gore Street's operational portfolio to a total installed capacity of 210MW. Notwithstanding the COVID lockdown and severe restrictions on movement, both Project completion dates currently remain on schedule and budget. \n \n \n The DS3 contracts available for these assets underpin attractive return profiles which are expected to exceed the Company's 10% unlevered target IRR for portfolio assets.\n \n Gore Street has partnered with Low Carbon to jointly own and operate the Projects. The successful energisation of the Drumkee site has been achieved due to the combined efforts of Gore Street, Low Carbon SONI, Northern Ireland Electricity Networks, G2 Energy, NEC and SMA. \n \n Alex O'Cinneide, CEO of Gore Street Capital, the Company's investment manager, commented:\n \"We are delighted to announce the energisation of Dr...