Important information

You must read the following information before proceeding. It explains certain legal and regulatory restrictions which apply to the information contained on this website. By accessing this website, you agree to be bound by the terms and conditions below. If you do not agree to the notices and disclaimers below, do not access this website.

The information contained on this website is intended only for investors who are resident in the United Kingdom who are not US Persons (as defined in the US Securities Act of 1933, as amended) ("US Persons") and may not be accessed by persons who are located in the United States, Canada, Australia, Japan, any member state of the EEA or the Republic of South Africa. Viewing the materials you are seeking to access may not be lawful in jurisdictions other than the United Kingdom.

The information on this website is for information purposes only and does not constitute or form a part of any offer or invitation to sell or issue, or the solicitation of any offer to purchase or subscribe for, securities. The information on this website is general in nature and does not in any way constitute investment, tax, legal or other advice. If you are unsure as to whether the investments described on this site are suitable for you, we strongly recommend that you seek professional advice from a financial adviser before making any investment or financial decisions.

No securities of Gore Street Energy Storage Fund plc (the "Company") have been or will be registered under the US Securities Act of 1933, as amended (the "Securities Act") or under the securities laws of any state or other jurisdiction of the United States and may not be offered, sold or delivered, directly or indirectly, in or into the United States, or to or for the account or benefit of any US Person except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. In addition, the Company has not been, and will not be, registered under the United States Investment Company Act of 1940, as amended. There will be no public offer of securities in the United States.

If you are not permitted to view this website or are in any doubt as to whether you are permitted to view this website, please exit this website immediately by clicking on the "Disagree" button below. The contents of this website must not be released or otherwise forwarded, distributed or sent, directly or indirectly, in whole or in part, outside the United Kingdom and in particular in or into the United States, Australia, Canada, the Republic of South Africa, any member state of the EEA, Japan or any other jurisdiction where the distribution of such materials would or may breach any applicable law or regulation or would require any registration or licensing within such jurisdiction. Persons receiving any such materials (including, without limitation, custodians, nominees and trustees) should observe these restrictions and must not, directly or indirectly, in whole or in part, forward, distribute or send them in, into or from any jurisdiction outside the United Kingdom. None of the Company, its directors, Gore Street Capital Limited ("Gore Street Capital") or any of their respective advisers accept any responsibility for any violation by any person of any of these restrictions.

In addition, the securities referred to on this website may only be offered in member states of the European Economic Area (each a "Relevant State") to the extent that such securities (i) are permitted to be marketed into the jurisdiction of the Relevant State pursuant to the Alternative Investment Fund Managers Directive 2011/61/EU; or (ii) can otherwise be lawfully offered or sold (including on the basis of an unsolicited request from a professional investor (as that term is used in the Alternative Investment Fund Managers Directive 2011/61/EU)).

The information on this website is general in nature and may be subject to amendment and updating without notice. None of the Company, its directors, Gore Street Capital or any other person guarantees the accuracy or completeness of any information on this website or accepts any responsibility or duty to update any information, document or announcement contained on this website, and each such person disclaims all representations and warranties, whether express or implied, to the greatest extent permitted by applicable law and regulation. By continuing to use this website, you agree to the exclusion by such persons, to the greatest extent permitted by applicable law and regulation, of any and all liability for any direct, indirect, punitive, consequential, incidental, special or other damages, including, without limitation, loss of profits, revenue or data arising out of or relating to the provision of and your use of this website and its content.

None of the Company, its directors, Gore Street Capital or any other person accepts any responsibility in respect of any information contained on any other website which may be linked to or from this website.

This website is governed by the laws of England.

By clicking the “I accept” button below, you confirm, represent and warrant to the Company, its directors and Gore Street Capital that you are located in the United Kingdom, you are not a US Person and you are not a resident of, or physically present in, the United States, Canada, Australia, Japan, any member of the state of the EEA or the Republic of South Africa or any other territory where to do so would breach applicable laws, rules or regulations; you are not investing or otherwise acting for the account or benefit of a US Person or a resident of the United States or Canada, Australia, Japan, any member of the state of the EEA or the Republic of South Africa or any other territory where to do so would breach applicable laws, rules or regulations; you are accessing this website for information purposes only; you have read, understood and agree to the disclaimer above; and you agree that you will not transmit or otherwise send any of the information on this website to persons outside the United Kingdom, including to any persons in the United States or to publications with a general circulation in the United States.

Cookies used on this website

This website uses cookies to improve user experience. By using our website you consent to all cookies in accordance with our Privacy & Cookies Policy.

skip to content

Sustainability and Impact is part of our DNA

Unaudited NAV and Dividend Declaration

11 September 2024

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.
- 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.
- Big Rock (200 MW / 400 MWh) has completed various construction milestones, including all battery and inverter enclosures on site post-period.
- 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: [email protected]	Tel: +44 (0) 20 3826 0290

Shore Capital (Joint Corporate Broker)
Anita Ghanekar / Fiona Conroy/ Sophie Collins (Corporate Broking)	Tel: +44 (0) 20 7408 4090

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: [email protected]

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