Gore Street Energy Storage Fund’s global portfolio has increased to over 1GW as its net asset value (NAV) surged by 47.8% to £556.3 million.
In its portfolio, Gore Street stated that 291.6MW of energy storage is currently operational with 881.6MW in pre-construction and construction phases. This has been confirmed in the Fund’s full year results for the year ended 31 March 2023.
The organisation said that 109.7MW/101MWh of its portfolio is operational in Great Britain (GB) and contributes £15.2 million in annual revenue. Narrowing this down to revenue per MW, its assets in GB contributed £138,400/MW (£15.80/MWh).
Interestingly, the financial results declared that ancillary services played a key role in GB revenue generation and accounted for 85.7% (£13 million) of annual revenue.
This had been aided by the Fund having secured “record prices” in the T-4 2023 Capacity Market auction, Solar Power Portal reported in June 2023. Via this, six sites had been awarded contracts worth £63/kW/year for delivery from October 2026.
These assets, based in GB and Ireland, are anticipated to deliver a combined value of £45 million – what the firm claims is a record-level T-4 auction pricing.
“I am pleased to announce that the company has maintained its upward trajectory, achieving significant milestones by adding landmark assets to our portfolio. Additionally, we have generated industry-leading revenues from four uncorrelated markets, further bolstering our success,” said CEO of Gore Street Capital, Alex O'Cinneide.
“The company's ability to thrive amidst challenging market dynamics in GB showcases the strength of the company's unique approach. Looking ahead to 2023 and 2024, we look forward to bringing over half a GW of operational capacity online across five diverse markets.
“We are confident this strategic expansion will have a positive impact on dividend cover, leading to increased shareholder value whilst supporting continued incremental growth in NAV. We look forward to updating the market regularly on the progress of this expanding international operational capacity.
“We are optimistic about the next year as we strategically expand our capacity in multiple jurisdictions. This approach ensures sustainable returns across a well-diversified portfolio, mitigating risks associated with a single market. We look forward to updating our valued shareholders on our progress throughout the upcoming reporting period.”