REG - Gore Street Energy - Unaudited NAV

Gore Street Energy Storage FundAnnouncement

10/09/2025 07:00

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RNS Number : 6746Y  Gore Street Energy Storage Fund PLC  10 September 2025

10 September 2025

Gore Street Energy Storage Fund plc

(the "Company" or "GSF")

Unaudited NAV

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 2025.

Net Asset Value - June-end 2025

The Company today reports an unaudited NAV of 102.8 pence per share, after the
payment of dividends, in line with the 31 March 2025 NAV of 102.8 pence per
share. Accounting for the 1.0 pence dividend paid during the period, the
quarterly NAV total return was 0.94%, bringing NAV total return since IPO to
49.0%.

Over the quarter, operational portfolio cash generation was £3.7m (0.7 pence
per share), contributing to rollover and actuals of £4 million. Cash
generation is now expected to materially increase as both Big Rock and Enderby
are operational and as more assets are onboarded onto the proprietary GSET
platform, which continues to outperform the market (more details below).

Unaudited movement in NAV between 31 March 2025 and 30 June 2025

 NAV Movement                                 £ millions   Pence/share
 NAV March 2025                               519.3        102.8
 Rollover & Actuals                           4.0          0.8
 COD Delay                                    −1.8         −0.4
 Operational Milestone (Dogfish)              0.7          0.2
 Dividends Paid                               −5.1         −1.0
 Fund & Holdco Expenses & Debt Costs          −2.7         −0.5
 Other DCF Changes and FX Hedge               4.6          0.9
 NAV June 2025                                519.1        102.8

 

The COD ("Commercial Operations Date") delay line in the table above
reflects delays in the completion of Big Rock and Enderby, both of which
became operational post-period. The operational milestone line captures the
impact of Dogfish becoming operational, allowing for a lower discount rate to
be applied in its valuation. The negative drivers of NAV over the period were
the payment of dividends equal to £5.1 million (1.0 pence per share)
and fund and Holdco expenses, as well as debt costs associated with the
Company's RCF of £2.7 million (0.5 pence per share).

Balance Sheet Update

·    As at 30 June 2025, the Group had £51.4 million in cash or cash
equivalents. As at the same date, the Group had drawn £121.9 million in debt,
with remaining headroom of £42.9 million.

·    Post period, the Company repaid and reduced the size of its total
borrowings, using the proceeds of the Investment Tax Credits ("ITCs").

·    As at 31 August 2025, the Company had £101.8 million in borrowings
with available headroom on the existing facilities of £41.8 million. As at
the same date, the Group had £37.4 million in cash or cash equivalents.

Proprietary Revenue Optimisation Model - Further Assets Onboarded

In line with the 'Strategy and Capital Allocation Plan' announced on 30 July
2025, Gore Street Energy Trading ("GSET") has onboarded three additional
assets in the ERCOT (Texas) market: Snyder, Sweetwater, and Westover to its
optimisation platform. This marks GSET's entry into a second market and brings
total optimised capacity to 192.3 MW/218.4 MWh, representing c.26% of the
Company's energised portfolio on a MW basis.

GSET continued to outperform the Modo 1-hour benchmark in every month year to
date. Outperformance figures were as follows:

 Jan-25  Feb-25  Mar-25  Apr-25  May-25  Jun-25  Jul-25
 24%     4%      6%      18%     15%     25%     62%

 

Year to date outperformance over Modo is currently at c.20% (£7.45/MW/hr
against £6.22/MW/hr). GSET's fees were benchmarked against the previous
service providers in GB and Texas and the Board will benchmark the fees on a
regular basis.

Board Refreshment

As announced on 1 September 2025, Simon Merriweather will be joining the GSF
Board of Directors as a Non-Executive Director, effective from 18 September
2025. Simon will also be a member of the Audit Committee, the Management
Engagement Committee, and the Remuneration and Nomination Committee.

This appointment reflects the orderly Board refreshment process underway,
previously disclosed in the Company's 2024 and 2025 Annual Results. The
ongoing refreshment will see the replacement of four Board members in total
who have been in place since IPO with skilled, experienced and independent
individuals of the highest calibre.

Annual General Meeting ("AGM")

The AGM will be held on Thursday, 18 September 2025, at 10.00 a.m. Investors
are encouraged to vote. The Board unanimously recommends that all shareholders
vote FOR all the resolutions. Further information about the AGM, including how
to vote, is available here
(https://www.gsenergystoragefund.com/content/investors/2025agm) .

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 June-end quarterly factsheet, are
available on the Company's website here
(https://www.gsenergystoragefund.com/content/investors/factsheet) .

Patrick Cox, Chair of the Company, commented:

"I am pleased to provide the NAV update for the June-end quarter, which
demonstrates the benefits of the portfolio's geographic diversification. We
will continue to update the market on the timings of the special dividends
linked to the ITC receivables.

"Other recent strategic progress has included the appointment of Simon
Merriweather as a non-executive director. Simon has significant experience in
the infrastructure and energy sectors, is a seasoned NED and qualified
Chartered Accountant. The work continues with the independent third-party
agency in relation to succession planning, ensuring an orderly transition and
the appointment of appropriately skilled directors. The Company's Annual
General Meeting will be held on 18 September 2025. On behalf of the Board, I
encourage all shareholders to vote."

 

For further information:  

Gore Street Investment
Management

Alex O'Cinneide / Paula Travesso / Ben Paulden
 

Email: ir@gorestreetcap.com
 
Tel: +44 (0) 20 4551 7860

 

Shore Capital (Joint Corporate Broker)

Anita Ghanekar / Sophie Collins (Corporate Advisory)
                          Tel: +44 (0) 20 7408 4090

Fiona Conroy (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 / Nick Croysdill
                               Tel: +44 (0) 20 7466 5000

Email: gorestreet@buchanan.uk.com

 

https://www.gsenergystoragefund.com (https://www.gsenergystoragefund.com)

 

 

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