Gore Street Energy Storage Fund PLC on Friday said it is upsizing its financing facilities in efforts to enhance liquidity and scale its operations.
The London-based investor in utility-scale energy storage projects increased its project finance facility for the Big Rock energy storage project in California to $90 million from $60 million.
The project is supported by a 12-year fixed-price resource adequacy contract, which is expected to generate $14 million in annual revenue, accounting for up to 40% of the project’s total revenues. Over the contract’s lifetime, Gore Street anticipates $165 million in revenue.
Gore Street also expanded its revolving credit facility with Santander Group to £100 million from £50 million. This facility is priced at 300 basis points over the sterling overnight index average, with a term extending to 2028. It provides the company with increased flexibility to finalize construction projects and explore additional capacity expansions from its development pipeline.
Gore Street reported a gearing ratio of 11.1% as of September, which it claimed is among the lowest in the industry.
Chief Executive Officer Alex O’Cinneide said: ‘I am pleased to announce the availability of these two upsized facilities to the company. This ensures enhanced liquidity and the ability to continue to further scale the company.’
Gore Street shares were down 0.1% to 50.75 pence in London on Friday morning.
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