Gore Street Energy - Operational Asset, Dividend Confirmation &COVID-19
(the "Company" or "Gore Street")
Dividend Confirmation, Further Operational Asset & COVID-19 Update
Further Operational Asset
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.
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.
For sites under construction, we are suspending work from the end of this week in line with
The Company reaffirms its annual dividend target of
Alex O'Cinneide, CEO of
"At this time of uncertainty for many, Gore Street is pleased to be able to update its shareholders on further operational progress and that it currently sees no material impact from COVID-19 on its ability to continue to meet its investment objectives. I have dealt with a number of market and environmental disruptions during my career, and we are applying the lessons right now. I cannot provide insight into the medical aspects of the coronavirus, but I can tell you that Gore Street is operating with efficiency and is prepared to deal with external events that could impact our business. We have activated a number of the plans which we have put in place - such as remote working, technology distribution, and online meetings; these are working well.
We provide essential services, and therefore follow government guidance and the public interest. I am pleased that across all of our active projects, operations are on target, and performing according to our expectations. In the cases where we have reduced operations according to regulations or to protect workers, such as our assets under construction, we are actively engaged and ready to resume full service at any time. Obviously, we all hope for a rapid and conclusive end to the current health challenge, but I am pleased that we have been able to maintain the high level of service, financing, and market activity that Gore Street is known for. In the longer term, the trend toward more use of alternative energy in the
The Legal Entity Identifier of the Company is 213800GPUNVGG81G4O21.
For further information:
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Tel: +44 (0) 20 3826 0290
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Tel: +44 (0) 20 7601 6128
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Tel: +44 (0) 20 7466 5000
Email: [email protected]
Notes to Editors
Gore Street is
The Company targets an annual dividend of 7.0% of NAV per Ordinary Share in each financial year, subject to a minimum target of
This information is provided by RNS, the news service of the
Quick facts: Gore Street Energy Storage Fund PLC
Market Cap: £54.72 m
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