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Gore Street Energy Storage Fund says construction has resumed at Northern Ireland projects

Construction is slated to complete by December 2020 which leaves time for the projects to be completed within targeted schedules

Gore Street Energy Storage Fund PLC - Gore Street Energy Storage Fund says construction has resumed at Northern Ireland projects

Gore Street Energy Storage Fund PLC (LON:GSF) told investors that construction has now resumed at its two 50 megawatt assets in Northern Ireland.

The company, in a statement, said operations are adhering to strict social distancing measures stipulated by the UK government.

It added that, due to conservative prior assumptions, the project remains on-track to become fully operational in time to secure the valuable DS3 uncapped contracts in April 2021. 

READ: Gore Street Energy Storage to meet dividend commitments

Construction is slated to complete by December 2020 which leaves sufficient time for necessary subsequent testing.

"We are delighted that construction has resumed so quickly and safely at the Company's assets in Northern Ireland and that we remain on track for receiving revenue under the DS3 contracts as per our original acquisition announcement,” Alex O'Cinneide, Gore Street Capital chief executive said in a statement.

He added: “Our assets perform an essential and increasingly important service to balance grid supply in multiple markets, and those services are only expected to increase in importance.

“Accordingly, performance across all the company's operational assets remains resilient and they continue to produce cash returns in line with expectations. Further, our pipeline of potential acquisitions remains robust and we look forward to updating shareholders on our pipeline progress in due course.”

The investment company also noted that there has been no change to the estimated completion dates for its two projects in the Republic of Ireland, which represent 30MW.

Quick facts: Gore Street Energy Storage Fund PLC

Price: 100.5 GBX

LSE:GSF
Market: LSE
Market Cap: £49.18 m
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