12th Dec 2019 13:37
(Alliance News) - Gore Street Energy Storage Fund PLC on Thursday reported a sharp rise in assets over the first half, on a portfolio showing "continuing successful momentum".
The London-based investment fund invests in utility scale energy storage projects, typically in the UK and Ireland. The fund's individual projects are held in special purpose vehicles, into which Gore Street invests - either through equity or debt instruments.
Gore Street recorded a NAV per share of 96 pence at September 30, up 4.3% from the 92p recorded at March 31.
The fund's net assets grew 28% over the six month period to GBP35.9 million from GBP28.1 million. The company ended the period with 37.6 million shares in issue compared to 30.6 million at the beginning of the period, explaining the discrepancy.
Gore Street's SPV added GBP14.0 million in value during the period, contributing to the rise in assets.
Gore Street Capital Chief Executive Alex O'Cinneide said: "We are delighted by the continuing successful momentum at Gore Street. The energy storage market in which we operate continues to be a key component on the international transition to a low carbon economy."
Gore Street Capital acts as the fund's investment adviser.
O'Cinneide continued: "We have doubled the size of our capital during the six-month period and significantly increased the size of our investment portfolio. Our operational asset base also continues to grow, with a further 10 megwatts anticipated to come online by December 31.
"The transformational Irish portfolio acquisition secured our third strategic partner in the NTMA, an Irish sovereign wealth investor with major renewable infrastructure expertise. Our pipeline has matured substantially since our IPO, and today we are analysing opportunities not only in the GB and Ireland, but also continental Europe, EUA and Canada."
The fund's portfolio ended the half valued at GBP20.5 million.
Gore Street declared an interim dividend of 4.0 pence and is still targeting a full year dividend target of 7.0p.
"As the international community continues to focus on building further intermittent renewable energy generation, such as solar and wind, while phasing out traditional stabilisers of the grid such as coal, energy storage is ideally positioned to offer essential services to enable countries to meet their carbon emission targets," added O'Cinneide.
Shares in Gore Street Energy Storage Fund were up 0.5% in London on Thursday afternoon at 98.00 pence each.
By Paul McGowan; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Gore Street En.