Founded in 2018, Gore Street Energy Storage Fund Plc is a UK-based diversified closed-ended investment company. It is the London Stock Exchange’s first listed pure-play energy storage fund, investing in assets across the UK and internationally, targeting a 7% yield. As of publication has a portfolio that will contribute 460 megawatts of energy storage to the UK and Ireland. The company is one of the largest contributors of battery storage facilities in Britain and the leading on the Irish grid network. The company is listed on the Premium Segment of the London Stock Exchange as LON: GSF and has been awarded the Green Economy mark. It is a constituent of the FTSE All Share Index.
The company has appointed Gore Street Capital Limited as its investment advisor. The company aims to offer long-term capital growth to its investors from its portfolio of utility-scale energy storage assets located in the UK, Ireland and other attractive markets within the OECD, by maintaining and controlling development and operational risks to acceptable parameter, while enhancing returns. Further, it aims to make annual discretionary dividend payments to shareholders at a target rate of 7% of NAV. The company is actively considering projects in Western Europe and North America.
Additionally, the company offers investors with an element of capital growth through the re-investment of net cash generated more than the target dividend. It will not invest in any projects under early-stage development to save in respect of development and final delivery of the battery systems, the key components of the projects are in place before or at the time of acquisition. The company allows investment in a particular project up to 25% of the gross assets value and it will target a diversified exposure with the aim of holding interests in no fewer than ten different projects at a time once fully invested. The company may use gearing up to 15% of gross asset value. No more than 40% of the gross asset value should be invested outside UK and Ireland. Currently, the company has interest in 23 assets held within 14 portfolio businesses.
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