Business
Half-year Report and amendments to AIFM agreement
Half-year Report and amendments to AIFM agreement.
About this update from Gore Street Energy Storage Fund Plc
[{"type":"text","content":"\n \n \n \n Gore Street Energy Storage Fund Plc\n \n \n \n ('GSF' or the 'Company')\n \n \n \n Half Year Results\n \n \n \n \n Amendments to AIFM agreement and Commercial Management Agreement\n \n \n \n Gore Street Energy Storage Fund plc (ticker: GSF), London's first listed energy storage fund supporting the transition to low carbon power in the UK and internationally, today announces its Half-Year Unaudited results for the six-month period to 30 September 2022.\n \n \n \n Financial Highlights as of 30 September 2022\n \n \n \n · NAV increased by 45% from £369.6 million1 in March 2022 to £534.79 million as at September 2022\n \n · NAV per share2 increased 3.7% to 111.1 pence (31 March 2022: 107.1 pence) \n \n · NAV Total Return of 4.65% for the six months ended 30 September 2022\n \n · Market Capitalisation increased to £529.54 million as at 30 September 2022 (31 March 2022: £369.58 million)\n \n · Quarterly dividends for the period of 4.0 pence per share, in line with the 7% of NAV target (a total of 4.0 pence in dividends were announced for the period. A total of 3p was paid during the period, 2p relating to the December 2021 quarter, and 1p relating to the March 2022 quarter) 4\n \n · In April 2022, the Company raised £150.0 million in an upscaled and oversubscribed issuance\n \n o Issued Share Capital (ISC) increased to 481.4 million (31 March 2022: 345.0 million)\n \n · Earnings per share (basic and diluted) of 4.81 pence as at 30 September 2022 (30 September 2021: 4.20 pence) \n \n \n Operational Highlights as of 30 September 2022\n \n \n \n · Average discount rate increased by 1% across the portfolio due to higher interest rates generally in the UK, reflecting a weighted average discount of 9.3%. Short-term inflation assumptions have also been updated to reflect the current economic environment.\n \n · Total portfolio (inclusive of grid expansion grants) increased to 698.2 MW (31 March 2022: 628.5 MW)\n \n · Total operational assets increased to 16 projects, with a total capacity of 291.6 MW across four grids (31 March 2022: 12 projects with 231.7 MW capacity)\n \n · Completed acquisition of three 9.95 MW operational and four 9.95 MW pre-construction assets in the ERCOT market of Texas, United States\n \n · Successful commissioning of the 30 MW Porterstown phase I project near Dublin, Ireland. The ass...