Energy storage funds managed by UK-based Gore Street Capital and Gresham House increased their net asset value (NAV) per share in 2022, but by very different rates.
The Gore Street Energy Storage Fund and the Gresham House Energy Storage Fund, both of which invest in battery storage projects primarily in the UK, provided trading updates this week. Trading on the London Stock Exchange under the GSF and GRID tickers respectively, they revealed contrasting growth figures for NAV per share.
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Gresham House said its unaudited NAV per share as of end-2022 was 155.5p (US$1.89), around 33% higher than end-2021 when it stood at 116.86p.
Gore Street meanwhile said its unaudited NAV per share at the end of 2022 was 113.5p. The firm’s financial year runs April-March so it did not provide a year-on-year figure. But, as per its equivalent release from a year ago, the year-end figure of 113.5p is 9.3% higher than 103.9 as of December 31, 2021.
A share issue by Gore Street which raised £150 million (US$182 million) in April 2022, after which Energy-Storage.news interviewed its CEO Alex O’Cinnede, may explain the difference.
In a lengthier update, Gresham House said its funds’ underlying EBITDA grew 20% in 2022 and it expects to reach a total operating capacity of 1GW in 2023. The firm has only invested in battery storage projects Great Britain to-date.
Gore Street meanwhile is diversifying its portfolio into other markets, so far buying projects in Germany and the US. Most recently it acquired a project in California, the biggest battery storage market in the world, buying a 200MW/400MWh project from Avantus.
Both funds saw battery storage projects win contracts in the UK’s recent T-1 Capacity Market auction for 2024/25.
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