16th Dec 2022 12:21
(Alliance News) - Gore Street Energy Storage Fund PLC on Friday reported a higher net asset value as it noted increasing "appetite" for international expansion, citing the US favourably.
The London-based fund investing in energy storage assets said in the six months to September 30, NAV per share grew 3.7% to 111.1 pence each from 107.1p at March 31. NAV interim total return increased to 14% from 13% a year prior. The company declared an unchanged 4.0p dividend.
Gore Street said the main drivers of the rise in NAV were a GBP147.3 million fundraise in net proceeds and an acquisition of 29.9 megawatt operational assets in Texas amid "strong operational performance of the assets due to efficient optimisation of the revenue stacks."
Looking ahead, Gore Street said the international pipeline of over 1.5 gigawatt shows appetite for international expansion. It noted that the regulatory landscape in the US is becoming more favourable, citing the Inflation Reduction Act signed by US President Joe Biden in August.
Gore Street Energy Storage Fund shares rose 1.7% to 112.05p each on Friday morning in London.
By Tom Budszus, Alliance News reporter
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