Gore Street Energy Storage Fund PLC NAV Update and Dividend Declaration (4093E)
28 February 2020 - 6:00PM
UK Regulatory
TIDMGSF
RNS Number : 4093E
Gore Street Energy Storage Fund PLC
28 February 2020
28 February 2020
Gore Street Energy Storage Fund plc
(the "Company" or "Gore Street")
Quarterly NAV Uplift and Acquisitions Update on 140MW
Portfolio
Gore Street, London's first energy storage fund and a listed
impact investor managing an international portfolio of assets to
help support the continuing increase in renewable generation and
meet global climate objectives, is pleased to announce continuing
good operational progress has led to further growth in the
Company's Net Asset Value ("NAV").
NAV Update and Dividend declaration
As at 31 December 2019, the estimated NAV increased to 96.1
pence per share, representing an uplift of 0.6 pence per share
(+0.63%) over the previous quarter (after paying a dividend of 2.0
pence per share on 18 October 2019). The increase in the latest
quarterly NAV in respect of the period from 30 September 2019 to 31
December 2019, is attributable to both the strong performance of
the Company's UK assets and continued progress in the construction
of the Company's Irish assets which is progressing well as
planned.
The Board of Directors (the "Board") of GSF has today declared
an interim dividend of 2.0 pence per ordinary share for the period
1 October 2019 to 31 December 2019. The ex-dividend date will be 12
March 2020 and the record date 13 March 2020. The dividend will be
paid on or around 27 March 2020.
Over the four reported quarters of 2019, the Company's NAV
appreciated from 92.9 pence per share to 96.1 pence per share, an
increase of 3.2 pence per share (+3.4%). During this period, it has
announced 7.0 pence per share in dividends.
Portfolio Update
Further to the 9.0MW Port of Tilbury's operational start in
October 2019, the Company's 10.0MW asset at Lower Road, Essex, is
expected to be energised next month. This will be commissioned in
tandem to deliver against a valuable Fast Frequency Response
contract that has been secured and which begins in April.
The Company's investment pipeline continues to grow with a
number of earnings accretive opportunities for new investments
identified and currently under due diligence that satisfy the
Company's investment criteria. The active pipeline includes more
than 140MW of assets across Great Britain currently being
considered under exclusivity, which subject to completion will add
further scale and geographical diversification to the Gore Street
portfolio. In order to fund the build out of these potential
projects, Gore Street expects to continue to utilise the Company's
current placing programme as required.
Alex O'Cinneide, CEO of Gore Street Capital, the Company's
investment adviser commented:
"We are pleased to have achieved strong NAV growth for
shareholders over 2019 including this latest quarterly uplift. As
investment in intermittent renewable energy generation increases to
meet ambitious goals to reduce global carbon emissions, the
important role that energy storage has to play in global energy
security continues to grow.
As outlined above, we are evaluating a number of investment
opportunities, including a portfolio of more than 140MW in the near
term, subject to due diligence. We expect this portfolio to
represent our first investment in Great Britain since 2018 where we
have held back from investments as the market did not meet our
return targets. We are happy to see our discipline rewarded through
both the size of the assets and the availability of additional
revenue streams which we expect to allow us to deliver our target
IRRs of +10% as we first set out in our IPO prospectus.
We remain focused on cost advantage, revenue optimisation and
leveraging our ability to invest in multiple markets to deliver
excellent returns to our investors. Since IPO we have delivered
10.3% total return and announced 10.0 pence per share of dividends
with the share price trading at a premium to both NAV and the IPO
price. Our pipeline of high-quality energy storage assets continues
to grow substantially and we see a number of highly attractive
near-term acquisition opportunities."
The Legal Entity Identifier of the Company is
213800GPUNVGG81G4O21.
For further information:
Gore Street Capital Limited
Alex O'Cinneide Tel: +44 (0) 20 3826 0290
Shore Capital
Anita Ghanekar / Darren Vickers / Hugo Masefield (Corporate Advisory) Tel: +44 (0) 20 7601 6128
Henry Willcocks / Fiona Conroy (Corporate Broking)
Media enquiries
Buchanan
Charles Ryland / Steph Watson / Henry Wilson Tel: +44 (0) 20 7466 5000
Email: Gorestreet@buchanan.uk.com
JTC (UK) Limited, Company Secretary Tel: +44 (0) 20 7409 0181
Notes to Editors
About Gore Street Energy Storage Fund plc
Gore Street is London's first listed energy storage fund and
seeks to provide Shareholders with a significant opportunity to
invest in a diversified portfolio of utility scale energy storage
projects. In addition to growth through exploiting its considerable
pipeline, the Company aims to deliver consistent and robust
dividend yield as income distributions to its Shareholders.
The Company targets an annual dividend of 7.0% of NAV per
Ordinary Share in each financial year, subject to a minimum target
of 7.0 pence per Ordinary Share. Dividends are paid quarterly.
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END
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