Business
Portfolio Update and Revolving Credit Facility
Portfolio Update and Revolving Credit Facility.
About this update from Gore Street Energy Storage Fund Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8778T\n Gore Street Energy Storage Fund PLC\n 30 March 2021\n \n \n \n \n 30 March 2021\n \n \n Gore Street Energy Storage Fund plc\n \n \n (the 'Company' or 'Gore Street')\n \n \n Doubling of Operational Assets,\n \n \n Portfolio Update and Revolving Credit Facility\n \n \n Following on its recent announcement of increased NAV, \n Gore Street, London's first listed energy storage fund, \n today announces several growth\n milestones\n on its portfolio. These include the doubling of the Company's operational assets to 210MW\n , accelerating construction and increased capacity on its Irish assets and securing \n a Revolving Credit Facility (the \"RCF\") with \n Santander Financial Services plc (\"Santander\").\n \n \n Northern Ireland Now Operational\n \n \n The Company's \n two Northern Ireland sites, Mullavilly and Drumkee (the \"NI sites\"), are now complete and generating revenue from today onwards. Despite COVID-19, the two 50MW projects were completed on budget and in time to capture the earliest possible window to start earning revenues under the Northern Ireland DS3 contracts. \n \n \n The two 50MW NI Assets are due to start operations under the lucrative DS3 contracts today. This additional 100MW across the two sites almost doubles Gore Street's operational portfolio, now comprising 210MW of operational capacity across 11 projects in Great Britain and Ireland. This is expected to more than double operational cash flow from the consolidated portfolio. \n \n \n As previously guided on 17 November 2020, the DS3 contracts available for these two assets have attractive return profiles, likely to be considerably higher than the Company's 10% unlevered IRR target for portfolio assets. The Company's investment adviser understands that these are now the largest assets in operation in Northern Ireland. \n \n \n Republic of Ireland Capacity Increase and Construction Update\n \n \n As previously announced, the Company's Porterstown project has recently successfully contracted Fluence for a fully wrapped construction of the battery system and has secured an option to expand its capacity from 30MW to 90MW. Following an update from Eirgrid, phase one (30MW) is now expected to be commissioned in Q1 2022 and phase two (60MW) will follow in due course.\n \n \n In line with this expansion, the Comp...