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Operational Asset, Dividend Confirmation &COVID-19
Operational Asset, Dividend Confirmation &COVID-19.
About this update from Gore Street Energy Storage Fund Plc
[{"type":"text","content":"\n \n \n RNS Number : 3088I\n Gore Street Energy Storage Fund PLC\n 01 April 2020\n \n \n \n 1 April 2020\n Gore Street Energy Storage Fund plc\n (the \"Company\" or \"Gore Street\")\n Dividend Confirmation, Further Operational Asset & COVID-19 Update\n Gore Street, London's first listed energy storage fund for assets that support the transition to low carbon power is pleased to announce completion of construction of one of its many international projects, the currently limited impact of COVID-19 on operations and confirmation of its commitment to the annual dividend.\n \n \n Further Operational Asset\n \n Lower Road, a 10MW capacity front of the meter project in Essex and 100% owned by the Company, is now fully operational and delivering storage and frequency services under its contract. Lower Road is the Company's single largest operational asset. Lower Road uses NEC Energy Solutions and Nippon Koei supplied equipment and system. It is operated using Origami's technology platform.\n \n \n COVID-19 Update\n \n During this evolving and unprecedented crisis, the health and safety of all employees, Company stakeholders and their staff have and will continue to be of primary importance.\n All operational assets continue to function as expected and deliver a continuous source of revenue to the Company despite the global impacts of Covid-19. Gore Street's operational assets require minimal human intervention, with typically no staff on site, and therefore there has been no significant impact at the current time. Energy storage assets continue to provide a critical service to the grid in maintaining its stability.\n For sites under construction, we are suspending work from the end of this week in line with UK government direction for public safety. At this time, we do not believe that these suspensions will materially delay the expected operation dates due to our conservative construction schedules. We continue to plan that two projects will commence operations in Q1 2021 and two in Q3 2021. The Company will keep working with all stakeholders to ensure health and safety procedures are in place and construction programmes are optimised.\n \n \n Dividend\n \n The Company reaffirms its ann...