28th Feb 2020 18:03
(Alliance News) - Gore Street Energy Storage Fund PLC said Friday its net asset value increased over the latest quarter as a result of the strong performance of the company.
The company, which invests in the renewable energy sector, said at December 31, its NAV was 96.1 pence, representing an uplift of 0.6 pence per share or 0.6% over the last quarter. Over the four quarters of 2019, NAV rose 3.2% to 96.1 pence from 92.9 pence, the company said.
Gore Street said the NAV increase "is attributable to both the strong performance of the company's UK assets and continued progress in the construction of the company's Irish assets which is progressing well as planned."
The company declared an interim dividend of 2.0 pence per share, and is still targeting a full year dividend of 7.0 pence.
Gore Street sad its 10.0 megawatts asset at Lower Road, Essex, is expected to be energised next month.
"This will be commissioned in tandem to deliver against a valuable Fast Frequency Response contract that has been secured and which begins in April," the company said.
Gore Street Capital Chief Executive Alex O'Cinneide said: "We are pleased to have achieved strong NAV growth for shareholders over 2019 including this latest quarterly uplift.
"As investment in intermittent renewable energy generation increases to meet ambitious goals to reduce global carbon emissions, the important role that energy storage has to play in global energy security continues to grow," O'Cinneide said.
Gore Street shares closed 0.5% higher in London at 96.50 each on Friday afternoon.
By Loreta Juodagalvyte; [email protected]
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