Business
NAV uplift, dividend and operational progress
NAV uplift, dividend and operational progress.
About this update from Gore Street Energy Storage Fund Plc
[{"type":"text","content":"\n\n15 June 2023\nGore Street Energy Storage Fund plc\n(the \"Company\" or \"GSF\")\nNAV uplift and operational progress with dividend in line with expectations\nGore Street Energy Storage Fund plc, the internationally diversified energy storage fund, is pleased to announce its 5.9% increase in unaudited Net Asset Value (\"NAV\") for the year ended 31 March 2023.\n \nThe Company's NAV continues to deliver strong and steady growth despite recent pricing volatility in GB. Dividends announced for the period have increased, and the Investment Manager secured record prices in the T-4 2023 Capacity Market auction.\n \nNet Asset Value\nThe unaudited NAV as at 31 March 2023, increased to 115.6 pence per Ordinary Share from 109.1 pence per Ordinary Share at 31 March 2022, an increase of 5.9%. NAV Total Return, including dividends, was 12.3% during the period. This is a particularly pleasing performance and illustrative of the Company's differentiated approach to this asset class, highlighted by its geographic diversification and the Company's valuation policy as appropriately set to reflect the resilient nature of our asset class.\nThe final quarter of the fiscal year (January - March 2023) was also strong for the Company, seeing NAV increase by 1.8% from 113.5p at December-end 2022 and providing a NAV Total Return of 3.6% inclusive of dividends paid during the quarter, despite challenging market conditions in GB.\n\n\n\n\n\n\n£ millions\n\n\nPence per Ordinary Share\n\n\n\n\nNAV as at 31 March 2022\n\n\n376.5\n\n\n109.1\n\n\n\n\nGross Offering Proceeds\n \n\n\n150.0\n\n\n0.3\n\n\n\n\nOffering, Fund and Subsidiary Holding Companies Operating Expense\n\n\n(17.3)\n\n\n(3.6)\n\n\n\n\nInterest Income\n\n\n3.6\n\n\n0.8\n\n\n\n\nDividends\n\n\n(31.0)\n\n\n(6.4)[1]\n\n\n\n\nIncrease in NAV of portfolio SPVs\n\n\n258.0\n\n\n53.5\n\n\n\n\nDistribution from SPV\n\n\n39.9\n\n\n8.3\n\n\n\n\nCapex and Acquisitions\n\n\n(223.4)\n\n\n(46.4)\n\n\n\n\nNAV as at 31 March 2023\n \n\n\n556.3\n\n\n115.6\n\n\n\n \nFinancial and Operational highlights for the year ended 31 March 2023\n \n· NAV increased by 47.8% to £556.3m (31 March 2022: £376.5m).\n· NAV per share increased 5.9% to 115.6 pence (31 March 2022: 109.1 pence per share), with a NAV Total Return of 12.3%.\n· &nb...