24th Feb 2025 10:56
(Alliance News) - Gore Street Energy Storage Fund PLC on Monday said it has energised its remaining in-construction assets in the UK and the US state of Texas.
The London-based investor in utility-scale energy storage projects said the 75 megawatt Dogfish project in Texas and the 57 megawatt Enderby project in the UK have been energised.
The company said it "marks a pivotal milestone in transitioning to a steady-state portfolio".
The firm said its energised portfolio capacity has reached its 754.4 megawatt and 924.1 megawatt hour target, representing a 79% increase in capacity including the energisation of the 200 megawatt Big Rock asset in California in January.
It said all assets are scheduled to be revenue generating by the end of the first quarter of the upcoming financial year, at the end of June.
The company also said it has been advised there is no change to the eligibility of its projects for investment tax credits following changes made by the Trump administration.
It said applications will be filed as soon as possible and there has been no change in market appetite or pricing from buyers.
It will use the proceeds to prioritise shareholder value and is considering a buyback programme, debt repayment and investing in the portfolio.
Chief Executive Officer Alex O'Cinneide said: "This milestone represents the completion of all four key deliverables outlined to investors during the company's 2024 annual results.
"This increase in energised capacity places greater importance on active management to maximise the portfolio's revenue generation and asset uptime. The monetisation of the investment tax credits is progressing well."
Shares in Gore Street Energy Storage Fund were up 3.0% to 47.70 pence in London on Monday morning.
By Michael Hennessey, Alliance News reporter
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