Further Uplift in Unaudited Quarterly Valuation and Dividend Declaration
07 March 2022
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.
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.
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."
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)
Fiona Conroy (Corporate Broking)
Tel: +44 (0) 20 7 408 4090
J. P. Morgan Cazenove (Joint Corporate Broker)
William Simmonds / Jérémie Birnbaum (Corporate Finance)
Tel: +44 (0) 20 7742 4000
Buchanan (Media enquiries)
Charles Ryland / Henry Wilson / George Beale
Tel: +44 (0) 20 7466 5000
Email: [email protected]
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.