Gore Street Energy Storage Fund PLC on Tuesday reported the energisation of its Big Rock project in California, the company’s largest asset to date, boosting its energised capacity by 47%.
The London-based investor in utility-scale energy storage projects said Big Rock, a 200MW / MWh facility, marks its entry into a fifth energy market.
The project has secured a 12-year fixed-price resource adequacy contract valued at over $165 million, with merchant revenue expected to commence ahead of contract revenue in June 2025.
For the 12 months ended December 31, Gore Street estimates operational portfolio revenue of approximately £37.7 million, with operational earnings before interest, tax, depreciation, and amortisation of £24.5 million and an Ebitda margin of 65%.
Looking ahead, the company forecasts a revenue run-rate of £72 million for the financial year ending March 31, 2026, on 753.4 megawatts of operational capacity. This growth is supported by improved economies of scale and increasing contributions from high-yielding markets.
Gore Street said that construction on other projects is also progressing, with the Dogfish asset in Texas set for energisation in February. Meanwhile, the Enderby asset in Great Britain is awaiting final transformer inspections, with energisation expected in the ‘coming weeks’.
Gore Street noted that Great Britain revenue has ‘steadily’ improved, citing increased ancillary services prices and optimised bidding strategies.
Chief Executive Officer Alex O’Cinneide said: ‘I am pleased to announce the energisation of the Big Rock project in California, marking our successful entry into a fifth energy market and a more than doubling of energised capacity across the portfolio on a MWh basis.
‘The energised portfolio is expected to soon reach the targeted capacity of 753.4 MW / 924.1 MWh, with the upcoming energisation of Enderby and Dogfish. As such, we expect the portfolio to generate increased revenue and the resulting free cash flow available to support dividend cover.’
Shares in Gore Street Energy were up 7.0% at 49.21 pence on Tuesday afternoon in London.
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