18 December 2020 | 07:56am
StockMarketWire.com - Energy storage fund Gore Street Energy Storage Fund reported a rise in first-half profit as higher investment gains boosted performance.
For the six-month period to 30 September 2020, pre-tax profit rose to £2.86 million from £1.89 million year-on-year as net gain on investments increased to £3.69 million from £2.22 million.
Net asset value rose to £50.0 million in March 2020 to 75.0 million as at September 2020 as the total portfolio increased substantially to 239 megawatts from 189 MW. All operational assets continued to perform within expectations, delivering our steady source revenue for the company, the company said.
The dividend declared for the interim period was 2.0 pence per share and the company said it was committed to delivering annual dividend in line with target of 7% of net asset value, or a minimum of 7.0 pence per share.
IN BRIEF: Gore Street Energy Storage Reports Interim Net Asset Growth
Fri, 18th Dec 2020 14:26
Gore Street Energy Storage Fund PLC - London-based investor in utility-scale energy storage projects - Reports net asset value per share of 0.97p at September 30, up from 0.95p at March 31 and net assets of GBP75.0 million at September 30, an 50% increase from GBP50.0 million at March 31. Says increases are due to substantial portfolio growth during the period and successfully fundraising GBP23.7 million. Declares 2.0p per share interim dividend and remains committed to delivering an annual dividend in line with a target of 7% of NAV, or a minimum of 7.0p per share.
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The 50MW Drumkee battery energised last month. Image: Gore Street Energy Storage Fund
Gore Street Energy Storage Fund has raised gross proceeds of £60 million from an initial placing, offer for subscription and intermediaries offer.
These – together the initial issue – will help it to acquire new projects in its global pipeline, which has a total project size of around 1.3GW, and – or potentially instead of – fund capital expenditure requirements of investments in its existing 440MW portfolio.
A total of 60 million new ordinary shares are to be issued – subject to admission to the premium segment of the Official List and to the London Stock Exchange - pursuant to the initial issue at 100 pence per share. Of these, 37,336,899 ordinary shares will be issued under the initial placing, 15,731,130 ordinary shares will be issued under the offer for subscription and 6,931,971 ordinary shares will be issued under the intermediaries offer.