Energy storage fund investment manager Gore Street has released its full-year results, reiterating how internationalisation helped it weather falling revenues in the UK – though not enough to maintain its dividend level.
Gore Street Energy Storage Fund plc, which trades under the GSF ticker, owns battery energy storage system (BESS) projects in the UK, Ireland, Germany and the US.
As Energy-Storage.news reported in May, the firm saw a 5% increase in revenues in the year to 31 March 2024, largely down to its diversification with the projects in Ireland and Texas offsetting falls in the UK and Germany.
In its full audited results, it confirmed the £41.4 million (US$53.7 million) revenue figure for the year and revealed that operational EBITDA grew 2.5% to £28.4 million, finishing the year with £60.7 million in cash or equivalents and £58.6 million in debt.
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Despite growth in operational capacity, net asset value (NAV) at the end of the period was £540.7 million, down 3% from a year prior, while NAV per share was down 7.5%, to 107 pence.
The company is paying a dividend of 7.5 pence per share for the 2023/24 period, and is targeting a lower dividend of 7 pence for the current financial year ending 31 March 2025. Markets reacted negatively to the news, with a fall in the company’s share price.
During the 2023/24 period it issued shares worth £27 million to system integrator Nidec ASI and developer Low Carbon.
Energised capacity increased by 45% over the period to 421.4MW. A further 332MW of projects are expected to be energised over the next seven months, 275MW/475MWh will benefit from the investment tax credit (ITC) in the US which will cover 30-40% of capital expenditure. Most of that is its 200MW Big Rock project in California.
CEO of Gore Street Capital Dr Alex O’Cinneide said: “I’m proud to report the Company continued to achieve growth while demonstrating leadership and resilience during an extremely turbulent period. The international portfolio continued to deliver consistent average revenue of £15.1 per MW/hour through best-in-class operational performance and capital management.”
The company’s internationalisation has helped it weather falling UK revenues. Harmony Energy Income Trust (HEIT) and Gresham House Energy Storage Fund (GRID) only have operational projects in the UK and both completely scrapped dividends for the year recently.
