Sale of Final Tax Credit

14 July 2025

Gore Street Energy Storage Fund plc

(the "Company" or "GSF")

Sale of Final Tax Credit in Excess of Original Guidance

Gore Street Energy Storage Fund, the internationally diversified energy storage fund, is pleased to announce that its recently completed asset, "Big Rock", has entered into an agreement for the sale of its Investment Tax Credits ("ITCs").

This transaction represents the final sale of the Company's US ITC entitlements and follows the previously announced sale and receipt of the Dogfish ITCs. Together, these transactions have a combined consideration of c.$84 million net of insurance costs, comfortably exceeding the guidance previously communicated, highlighting the strong commercial terms achieved.

Under the terms of the agreement, Big Rock's proceeds have been structured to be monetised in tranches. The Company will receive 50% of Big Rock's ITC within the coming days, with the next 25% of proceeds to be received by Autumn 2025 and the balance by the end of the current calendar year.

The first tranche will be used to reduce the drawn amount on the Big Rock debt facility from $90 million to $60 million and also fund reserves to cover the settlement of project build-out costs for Big Rock. This will result in lowering the Company's gearing and associated borrowing costs.

As outlined in the Company's recent June update, it expects to distribute a further 3 pence per share once the proceeds from the sale of the Big Rock ITCs become available for distribution, which is expected to be in H2 2025. The Board intends to distribute 3 pence per share by way of special dividends in two equal instalments of 1.5 pence per share, to be paid by the end of the calendar year. The exact timing of each payment will be confirmed through separate dividend announcements shortly.

Alex O'Cinneide, CEO of Gore Street Investment Management, commented: 

"The $84 million we have secured through these tax credit transfer agreements is a substantial capital inflow, particularly in a market where access to equity remains constrained. Our shareholders will directly benefit from this significant inflow through the payment of special dividends.

The energy storage sector is undergoing a rapid transformation. The pace of cost declines is now outpacing even what we saw in the solar industry, creating a compelling opportunity for those with the capital and capability to act decisively. With the cost of increasing duration now reaching levels half of what they were only a few years ago, the return on investment, and therefore augmentation for both our GB and Ireland portfolios, becomes increasingly attractive. We remain focused on deploying capital where it can generate the most significant long-term value for our investors."

For further information:

Gore Street Investment Management

Alex O'Cinneide / Paula Travesso / Ben Paulden

Email: [email protected] Tel: +44 (0) 20 3826 0290

Shore Capital (Joint Corporate Broker) 

Anita Ghanekar / Sophie Collins (Corporate Advisory) Tel: +44 (0) 20 7408 4090

Fiona Conroy (Corporate Broking)

J.P. Morgan Cazenove (Joint Corporate Broker)

William Simmonds / Jérémie Birnbaum (Corporate Finance) Tel: +44 (0) 20 3493 8000

Burson Buchanan (Media Enquiries)

Charles Ryland / Henry Wilson / George Beale Tel: +44 (0) 20 7466 5000

Email: [email protected]

Notes to Editors

About Gore Street Energy Storage Fund plc

Gore Street is London's first listed and internationally diversified energy storage fund dedicated to the low-carbon transition. It seeks to provide Shareholders with sustainable returns from their investment in a diversified portfolio of utility-scale energy storage projects. In addition to growth through increasing operational capacity and a considerable pipeline, the Company aims to deliver consistent and robust dividend yield as income distributions to its Shareholders.

https://www.gsenergystoragefund.com