REG - Gore Street Energy - Quarterly Valuation and Dividend Declaration

Gore Street Energy Storage FundAnnouncement

07/03/2022 07:00

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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 Finance)    Tel: +44 (0) 20 7742 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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