31st Mar 2021 06:59
Gore Street Energy Storage Fund PLC - London-based investor in utility-scale energy storage projects - Secures GBP15 million revolving credit facility with Santander Financial Services PLC. Notes the facility can be increased in line with portfolio growth, allowing for existing projects construction financing and to purchase new grid scale battery storage projects from its investment pipeline.
Adds its two Northern Ireland sites Mullavilly and Drumkee are now complete and generating revenue. Says the two 50 megawatts projects were completed on budget and in time to capture the "earliest possible window" to start earning revenue under the Northern Ireland DS3 contracts.
"The GBP15 million facility revolving credit facility from Santander demonstrates a further recognition of the company's continuing leadership in the asset class and the increasing maturity of the energy storage sector. It will support our growth ambitions and will be used to optimise the capital structure of the company," says Alex O'Cinneide, chief executive of the company's investment adviser Gore Street Capital Ltd.
Current stock price: 108.00 pence
Year-to-date change: up 3.9%
By Zoe Wickens; [email protected]
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