Gore Street Energy Storage reports contracts secured- Gore Street Energy Storage (GSF) has announced that they have secured a Engineering, Procurement and Construction contract for their two most recent UK energy storage projects. The provider is NEC Energy Solutions with support from Nippon Koei-strategic partners and cornerstone investors.
As previously announced (read more here) the properties are located in Lower Road and Port of Tilbury. The two projects are expected to deliver an internal rate of return that is inline with the company’s IPO prospectus which is a range of 10-12%. construction will begin for the Lower Road property January 2019 and Port of Tilbury in December 2018 and both projects should be finished by mid-2019.
As previously stated Gore Street has paid an advance of £4.5 million to NEC Solutions to use for purchase of products, equipment and/or services. This advanced payment will part finance the total EPC contract value. NEC Energy Solutions under the EPC contract will provide a 15-year warranty as well as capacity and availably of assurance plans.
Gore Street already has 50% of funds committed to projects.
Alex O’Cinneide, CEO of Gore Street Capital, Gore Streets investment adviser said this about the projects.
“We are delighted by the strong progress that Gore Street has achieved in continuing to build the UK’s first listed diversified portfolio of energy storage opportunities. The EPC contracts are an important milestone in the commercialisation process and we are delighted to have secured such a highly regarded partner. In addition, as previously stated, we are in negotiation on a significant number of other projects several of which are under exclusivity and we look forward updating shareholders on further progress in due course.”
GSF-Gore Street Energy Storage reports contracts secured