TIDMGSF

RNS Number : 7636D

Gore Street Energy Storage Fund PLC

07 March 2022

7 March 2022

Gore Street Energy Storage Fund plc

(the "Company" or "Gore Street")

Further Uplift in Unaudited Quarterly Valuation and Dividend Declaration

Gore Street, London's first energy storage fund supporting the transition to low carbon power, is pleased to announce the Company's unaudited Net Asset Value ("NAV") for the fourth quarter which has again increased following a strong period of operational performance and sector tailwinds.

NAV Update

As at 31 December 2021, the estimated quarterly unaudited NAV was 103.9 pence per share, representing an uplift of 0.6 pence per share from the previously announced NAV as at 30 September 2021 of 103.3 pence per share. During the period, the NAV benefitted from a strong performance of the Company's assets in GB and Ireland, including trading opportunities that the Company was able to capitalise on during the quarter. The NAV uplift also reflects the equity raise in October 2021, which had an issuance price of 107.0. The Company notes that following best practice, during unaudited quarters, no updates are made to any long-term assumptions in relation to portfolio Companies' valuations.

Dividend Declaration

In addition, the Board of Directors (the "Board") of Gore Street has declared an interim dividend of 2.0 pence per ordinary share for the period 01 October 2021 to 31 December 2021. The ex-dividend date will be 17 March 2022 and the record date 18 March 2022. The dividend will be paid on or around 08 April 2022.

Alex O'Cinneide, CEO of Gore Street Capital, the Company's investment manager, commented:

"Gore Street is delighted to have generated continued NAV growth for shareholders during 2021, including this latest quarterly uplift. Our Company is also living through a very exciting period, marked by growth and important milestones: we have just announced the acquisition of an operational asset in Germany - our first international deal outside the UK and Ireland, further diversifying the Company's revenue base. We have an additional 119 MW under exclusivity in the US and we have recently signed 125 MW under exclusivity in GB. Concurrently, the portfolio's operational assets have benefitted from strong revenue generation during the period, with the assets linked to frequency contracts performing particularly well, where prices have reached record levels."

ENDS

The Legal Entity Identifier of the Company is 213800GPUNVGG81G4O21.

For further information:

 
Gore Street Capital Limited 
Alex O'Cinneide / Paula Travesso / Maria Vaggione                 Tel: +44 (0) 20 3826 0290 
 
  Shore Capital (Joint Corporate Broker) 
Anita Ghanekar / Rose Ramsden / Iain Sexton (Corporate Advisory)  Tel: +44 (0) 20 7 408 4090 
 Fiona Conroy (Corporate Broking) 
 
 
J. P. Morgan Cazenove (Joint Corporate Broker) 
William Simmonds / Jérémie Birnbaum (Corporate  Tel: +44 (0) 20 7742 
 Finance)                                                  4000

Buchanan (Media enquiries)

 
 
Charles Ryland / Henry Wilson / George Beale  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.

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END

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March 07, 2022 02:00 ET (07:00 GMT)

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