Business
Half-year Financial Report
Gore Street Energy Storage Fund PLC reported a Net Asset Value (NAV) per ordinary share of 90.1 pence as of September 30, 2025, a decrease from 102.8 pence on March 31, 2025, primarily due to adjustments in third-party forward revenue curves for GB and US markets, resulting in a NAV total return of -10.6% for the period. The company declared dividends totaling 2.19 pence per share, including a 1.5 pence special dividend, representing an annualised dividend yield of 8.5%. Operational capacity increased to 643.1 MW, and total portfolio revenue was £16.7 million, though average revenue per MW/year decreased to £67.9k. Group cash stood at £50.5 million with £101.95 million in drawn debt, representing an 18.3% debt to GAV ratio. Disclaimer*
About this update from Gore Street Energy Storage Fund Plc
[{"type":"text","content":"\n\n15 December 2025 \nGore Street Energy Storage Fund \n('Gore Street' or the 'Company') \nInterim Results\nNAV and Dividend Declaration\n \nKey Highlights\n \nFinancial:\n· Net Asset Value (\"NAV\") per ordinary share of 90.1 pence (31 March 2025: 102.8p), primarily driven by adjustments to third-party forward revenue curves for GB and US markets.\n· NAV total return for the period was -10.6%, bringing NAV total return since IPO to 31.6%.\n· Dividends declared for the period of 2.19 pence per share, including a 1.5 pence special dividend. This represents an annualised dividend yield of 8.5% based on the 30 September share price\n· A special dividend of 1.5 pence per share was paid on 31 October 2025, linked to the monetisation of the Big Rock Investment Tax Credit (ITC); The second special dividend of 1.5 pence per share will also be paid out of ITC proceeds. The proceeds have been received and are being held in a lender-controlled account until certain project financing conditions are met. Once these are satisfied and funds are released, the dividend will be declared.\n· The weighted average discount rate applied to the portfolio was 10.2% (31 March 2025: 10.2%).\n· Group cash at period end: £50.5 million.\n· Group debt drawn: £101.95m with a debt to GAV ratio of 18.3%.\n· The Board has today declared a dividend of 0.69 pence per share for the quarter ended 30 September 2025. The dividend is fully covered by operational cash flow.\n \n \n\n\n\n\n \n\n\n£ million\n\n\nPence Per Share\n\n\n\n\nOpening NAV (31 March 2025)\n\n\n519.3\n\n\n102.8\n\n\n\n\nUnderlying portfolio return (Rollover & Actuals)\n\n\n+7.6\n\n\n+1.5\n\n\n\n\nRevenue curves\n\n\n-51.3\n\n\n-10.2\n\n\n\n\nDiscount rate & opex\n\n\n-7.1\n\n\n-1.4\n\n\n\n\nFund expenses\n\n\n-6.3\n\n\n-1.2\n\n\n\n\nDividends paid\n\n\n-10.1\n\n\n-2.0\n\n\n\n\nOther valuation movements\n\n\n+3.2\n\n\n+0.6\n\n\n\n\nClosing NAV (30 September 2025)\n\n\n455.3\n\n\n90.1\n\n\n\n\n \nOperational:\n· Operational capacity increased to 643.1 MW (31 March 2025: 417.1...