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Full-Year Unaudited Net Asset Value
Full-Year Unaudited Net Asset Value.
About this update from Gore Street Energy Storage Fund Plc
[{"type":"text","content":"\n\n 20 June 2024\nGore Street Energy Storage Fund plc \n(the \"Company\" or \"GSF\") \nFull-Year Unaudited Net Asset Value\nGeographically diversified revenue generation, increasing operational capacity and capital management have positioned the Company well for future growth\n \nGore Street Energy Storage Fund plc, the internationally diversified energy storage fund, is pleased to announce its unaudited Net Asset Value (\"NAV\") for the year ended 31 March 2024.\nThe Company's approach to valuation remains consistent and helped largely mitigate volatility in the Company's NAV due to the Investment Manager's appropriate use of valuation assumptions and capital allocation strategy. The Company's construction schedule is expected to provide support over future valuation periods, given the large amount of capacity currently in construction which is due to come online by the end of the current fiscal year. Consistent revenue generation, increasing operational capacity, and prudent capital management have positioned the Company well for strong future growth. Dividends announced with respect to the reported period are in line with the Company's stated dividend policy.\n \nNet Asset Value\nAs of 31 March 2024, the unaudited NAV was 107.0 pence per share, representing a 3.6% decrease during the quarter (31 December 2023: 111.0 pence per share) and brought NAV total return since IPO to 48.4%.\nThe Key drivers of NAV over FY23/24 were updated macro assumptions reflecting the operating environment at the time, and active portfolio management. Key updated assumptions that negatively impacted NAV included inflation, forecast revenue curves, and discount rates, resulting in a decrease of 11.3 pence per share. Positive NAV drivers during the period due to active portfolio management included strong cash generation and a significant increase in energised capacity to 421.4MW (FY23: 291.6MW), as the Investment Manager continues to successfully execute against its diversified growth strategy. These drivers resulted in an increase of 10.1 pence per share.\n \nMovements in Net Asset Value between March 2023 and March 2024\n\n\n\n\n\n\n\n£m\n\n\nPence per share\n\n\n\n\nNAV March 2023\n\n\n556\n\n\n115.6\n\n\n\n\nOffering Proceeds (Nidec and Low Carbon share issuance)\n\n\n27\n\n\n0.0\n\n\n\n\nDividends\n\n\n(36)...