Business
NAV Update and Dividend Declaration
NAV Update and Dividend Declaration.
About this update from Gore Street Energy Storage Fund Plc
[{"type":"text","content":"\n \n \n RNS Number : 4093E\n Gore Street Energy Storage Fund PLC\n 28 February 2020\n \n \n \n 28 February 2020\n Gore Street Energy Storage Fund plc\n (the \"Company\" or \"Gore Street\")\n Quarterly NAV Uplift and Acquisitions Update on 140MW Portfolio\n Gore Street, London's first energy storage fund and a listed impact investor managing an international portfolio of assets to help support the continuing increase in renewable generation and meet global climate objectives, is pleased to announce continuing good operational progress has led to further growth in the Company's Net Asset Value (\"NAV\").\n NAV Update and Dividend declaration\n As at 31 December 2019, the estimated NAV increased to 96.1 pence per share, representing an uplift of 0.6 pence per share (+0.63%) over the previous quarter (after paying a dividend of 2.0 pence per share on 18 October 2019). The increase in the latest quarterly NAV in respect of the period from 30 September 2019 to 31 December 2019, is attributable to both the strong performance of the Company's UK assets and continued progress in the construction of the Company's Irish assets which is progressing well as planned.\n The Board of Directors (the \"Board\") of GSF has today declared an interim dividend of 2.0 pence per ordinary share for the period 1 October 2019 to 31 December 2019. The ex-dividend date will be 12 March 2020 and the record date 13 March 2020. The dividend will be paid on or around 27 March 2020.\n Over the four reported quarters of 2019, the Company's NAV appreciated from 92.9 pence per share to 96.1 pence per share, an increase of 3.2 pence per share (+3.4%). During this period, it has announced 7.0 pence per share in dividends.\n Portfolio Update\n Further to the 9.0MW Port of Tilbury's operational start in October 2019, the Company's 10.0MW asset at Lower Road, Essex, is expected to be energised next month. This will be commissioned in tandem to deliver against a valuable Fast Frequency Response contract that has been secured and which begins in April.\n The Company's investment pipeline continues to grow with a number of earnings accretive opportunities for new investments identified and currently under due diligence that satisfy the Company's investment criteria. The active pipeline includes more than 140MW of assets across Great Britain currently being considere...