Gore Street Energy Storage Fund has expanded its financing facilities, adding $90 million for its 200MW/400MWh Big Rock energy storage project in California. This represents an increase from the initial $60 million loan secured through First Citizens Bank after achieving key construction milestones.
The funds will cover remaining capital costs for the Big Rock project, which has locked in a 12-year Resource Adequacy contract worth over $14 million annually. This agreement ensures stable revenues, accounting for up to 40% of total project income. Additionally, the project qualifies for Investment Tax Credits (ITCs) under the US Inflation Reduction Act, potentially reducing capital costs by 30%.
In parallel, Gore Street upsized its revolving credit facility (RCF) with Santander Group from £50 million to £100 million. The facility, arranged by Santander Corporate and Investment Banking, is priced at 300–350 basis points over SONIA and extends to 2028. This flexibility will support the buildout of in-progress projects and pipeline expansions.
The company's low gearing ratio of 11.1% of gross asset value underscores its conservative financial approach. With over $165 million in contracted revenue secured and enhanced liquidity, Gore Street is well-positioned to energize remaining projects and benefit from forthcoming ITC inflows.
