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Gore Street Energy Storage Fund boosts operating assets with £28.2mln deal

“These cash-generating projects further reinforce the company's dividend cover and materially enhance company earnings".

Gore Street Energy Storage Fund PLC -

Gore Street Energy Storage Fund PLC (LON:GSF) has acquired a portfolio of 81MW operating battery assets at five sites in the North-West and Midlands.

The cost is £28.2mln and will be met through a combination of cash (£21.1mln) and new shares (£7.1mln) to be issued to vendor Anesco, a renewable infrastructure developer.

All of the battery energy storage systems at the sites were provided by BYD, a leading global storage supplier, said the trust.

As a result of the acquisition, the size of Gore Street’s portfolio of operating assets rises to 110Mw from 29Mw and its portfolio overall to 320Mw.

Alex O'Cinneide, chief executive of the fund’s adviser Gore Street Capital, said: “This is a significant acquisition which substantially increases our operating, cash-generating assets and further diversifies our substantial and growing portfolio.

“With this major operational portfolio acquisition, the company's portfolio grows to 320MW - one of the largest available to a financial investor seeking exposure to this sector.

“These cash-generating projects further reinforce the company's dividend cover and materially enhance company earnings".

Shares rose 1.4% to 108p.

Quick facts: Gore Street Energy Storage Fund PLC

Price: 107.01 GBX

LSE:GSF
Market: LSE
Market Cap: £82.59 m
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Gore Street Energy Storage acquires a portfolio of 81MW operating battery...

Gore Street Energy Storage's (LON:GSF) John Michael Cheshire talks to Proactive London's Katie Pilbeam about the latest deal to acquire a portfolio of 81MW operating battery assets at five sites in the North-West and Midlands. This is the first time Gore Street has acquired a portfolio which...

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