11
September 2024
Gore Street Energy Storage
Fund plc
(the
"Company" or "GSF")
Unaudited
NAV and Dividend Declaration
Gore Street Energy Storage Fund plc,
the internationally diversified energy storage fund, is pleased to
announce its unaudited Net Asset Value ("NAV") as at 30 June
2024.
Net
Asset Value - June-end 2024
The Company announces an unaudited
NAV of 104.4 pence per share as at 30 June 2024, representing a
2.5% decrease during the quarter (31 March 2024: 107.0 pence per
share). Accounting for the 2.0 pence dividend paid during the
period, the quarterly NAV total return was -0.7%.
The total NAV return, including
dividends paid, amounts to 46.7% since the IPO in May 2018. DCF
changes include a prudent update to assumed asset availability
within the GB market, which the Investment Manager believes could
be affected for a period by certain external factors such as
curtailment. Other key macro assumptions and merchant revenue
forecasts remain unchanged from the Company's March-end 2024
NAV.
Unaudited movement in NAV between 31 March 2024 and 30 June
2024
|
|
£ million
|
Pence per Ordinary
Share
|
|
NAV as at 31 March
2024
|
540.7
|
107.0
|
|
Fund and
Subsid. Holding Companies Operating Expenses
|
(2.7)
|
(0.5)
|
|
Dividends
|
(9.9)
|
(2.0)
|
|
Cash
Generation
|
5.0
|
1.0
|
|
DCF
changes and Rollover
|
(5.9)
|
(1.1)
|
|
NAV as at 30 June
2024
|
527.2
|
104.4
|
Strong Balance Sheet:
·
As at 30 June 2024, the Group remained
well-capitalised, with £66.1m in cash or cash
equivalents.
·
As at the same date, the Group had drawn £56.4m
from its borrowing facilities, with additional debt headroom of
£39.8m.
·
As previously disclosed in the Company's FY24
Annual Report, the Investment Manager expects a cash inflow in the
range of $60 million to $80 million for next year under the
Investment Tax Credit regime available to its US construction
assets.
Construction Updates
·
The Company's construction portfolio is now
significantly de-risked, with only three assets left to come
online.
o Enderby
(57 MW / 57 MWh), based in GB, is in its final stages of
completion, and the Company expects to update the market shortly
via the Monthly Factsheet.
o Big Rock
(200 MW / 400 MWh) has completed various construction milestones,
including all battery and inverter enclosures on site
post-period.
o Dogfish (75 MW / 75 MWh) construction is progressing to plan;
site works are well advanced, with the first delivery of batteries
expected in mid-September. The US assets are on track for
their respective energisation dates (Big Rock: December 2024,
Dogfish: February 2025), resulting in energised capacity reaching
c.750 MW in the next five months.
Dividend Declaration
As per the Company's dividend
policy, the Board of Directors has approved a dividend of 1.0 pence
per share for the June-end quarter. The ex-dividend date will be 26
September 2024, followed by a record date of 27 September 2024. The
dividend will be paid on or around 18 October 2024.
Any such dividend payment to
Shareholders may take the form of either dividend income or
"qualifying interest income", which may be designated as an
interest distribution for UK tax purposes and, therefore, subject
to the interest streaming regime applicable to investment trusts.
Of this dividend declared of 1.0 pence per share, 1.0 pence is
treated as qualifying interest income.
The Board would like to take the
opportunity to reaffirm to investors that it remains committed to
the Company's 7.0 pence dividend target per Ordinary Share for the
financial year.
Annual General Meeting (AGM)
The AGM will be held on Wednesday,
18 September 2024, at 10.00 a.m. More information can be found on
page 88 of the 2024 Annual Report and Financial Statement
here. Investors are encouraged
to vote.
Factsheets
The Company produces a monthly
factsheet, in addition to quarterly updates, to communicate
developments from across its portfolio and markets in which it
operates. The publications, including the quarterly factsheet, are
available on the Company's website here.
CEO
of Gore Street Capital, the Investment Manager of the Company, Alex
O'Cinneide, commented:
"The portfolio is now materially
derisked with just three assets left in construction. Once the
three assets are completed, we expect the portfolio to reach a
steady state, able to meet its dividend targets from cash
generation. Furthermore, we expect a material increase in
contracted revenue contribution to portfolio cashflow through the
Resource Adequacy contract, for which the 200 MW Big Rock asset is
eligible once operational. Additionally, we expect a cash inflow of
between $60-80 million under the Investment Tax Credit Regime for
the 275 MW of US construction assets. This influx of cash adds
optionality to de-lever the portfolio, build further assets, or
reward shareholders through dividends or buybacks.
We remain committed to providing
strong returns through the unique exposure across multiple
uncorrelated markets and delivering value for all
stakeholders."
For
further information:
Gore
Street Capital Limited
Alex O'Cinneide / Paula Travesso /
Ben Paulden
Email: ir@gorestreetcap.com
Tel: +44 (0) 20 3826 0290
Shore Capital (Joint Corporate Broker)
Anita Ghanekar / Fiona Conroy/ Sophie
Collins
Tel: +44 (0) 20 7408 4090
(Corporate
Broking)
J.P.
Morgan Cazenove (Joint Corporate Broker)
William Simmonds / Jérémie Birnbaum
(Corporate Finance)
Tel: +44 (0) 20 3493 8000
Burson Buchanan (Media
Enquiries)
Charles Ryland / Henry Wilson /
George Beale
Tel: +44 (0) 20 7466 5000
Email:
gorestreet@buchanan.uk.com
Notes to Editors
About Gore Street Energy Storage Fund plc
Gore Street is London's first listed
and internationally diversified energy storage fund dedicated to
the low-carbon transition. It seeks to provide Shareholders with
sustainable returns from their investment in a diversified
portfolio of utility-scale energy storage projects. In addition to
growth through increasing operational capacity and a considerable
pipeline, the Company aims to deliver consistent and robust
dividend yield as income distributions to its
Shareholders.
https://www.gsenergystoragefund.com
