Gore Street Energy Storage Fund Plc · LSE:GSF
Gore Street Energy Storage Fund — H1 2022 Earnings Presentation
33 slides from Gore Street Energy Storage Fund's earnings presentation, September 2021
Slide 1: Investor Update – Half Year Results
Investor Update – Half Year Results For the six months ended 30 September 2021 GSF Interim Report September 2021_PDF
Slide 2: Presentation Team
Presentation Team Alex O’Cinneide Suminori Arima John Cheshire Paula Travesso Chief Executive Officer Chief Investment Officer Principal Principal Alex is the founder of Gore Street Sumi led Renewable Energy John-Michael has 13 years of Paula's expertise is in merger Capital. He previously was a tra
Slide 3: Overview – Gore Street Energy Storage Fund
Overview – Gore Street Energy Storage Fund Growth sector In the 6 months since 31 March 2021, the Exponential growth predicted for energy storage in next Company has: decades 1 Successfully completed the acquisition of Attractive returns Targeting projects with annual unlevered IRR of 10- 137 MW wit
Slide 4: Financial Highlights – as of September 2021
Financial Highlights – as of September 2021 Gore Street Energy Fund plc (“Gore Street”, “GSF” or the “Company”) is the first listed energy storage fund, listed on the Premium Segment of the London Stock Exchange and awarded the Green Economy mark £402m 4.0p 34.5% Market Capitalisation (Dec 21) (1) D
Slide 5: Deployment & Fundraise Highlights
Deployment & Fundraise Highlights Deployment (since March 2021) Acquisitions of 137 MW • Stony: 80 MW project acquired in May 2021 • Enderby: 57 MW project acquired in September 2021 Fundraises (since March 2021) Fundraises of £208.6m • £135m raised in April 2021 • £73.6m raised post-period end in O
Slide 6: Timeline – Gore Street Energy Storage Fund
Timeline – Gore Street Energy Storage Fund GSF has expanded exponentially since its inception in 2018 Fundraise Dec-20: Acquisition Milestones Jun-20: Prospectus Feb-20: Nov-21: Portfolio Milestones 4th Placing Publication + 3rd Placing Portfolio hits 600 2019/20 + Nippon Initial Placing 2019/20 MW
Slide 7: Share price performance vs NAV
Share price performance vs NAV Gore Street Energy Storage Fund has consistently traded at a premium to NAV for the last year(1). The Fund is now included within the FTSE All-share index 120 115 110 Pence 105 100 95 90 Apr-20 May-20 Jun-20 July-20 Aug-20 Sept-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar
Slide 8: 3-Year NAV & Dividend Performance
3-Year NAV & Dividend Performance Since inception of the Fund, NAV/share has increased to 103.3p(1) and dividends of 22.0p have been declared (achieving its annual target or 7.0p per year) and 2021 Div. Declared = 7.0p 106.0 Div. Target = 7.0p 30.0 104.0 103.3 2020 25.0 102.0 Div. Declared = 7.0p 10
Slide 9: Agenda
Agenda I. GSF Overview a. Portfolio Summary b. Market Overview c. Portfolio Revenue & EBITDA d. Pipeline II. Summary III. Appendix Gore Street Energy Storage Fund | 9
Slide 10: I. GSF Overview
q Gore Street td Energy Storage Fund I. GSF Overview
Slide 11: Portfolio summary
Portfolio summary 1. Drumkee 9. Hulley Operational 2. Mullavilly 10. Lascar Under construction 3. Porterstown 11. Breach Recently Acquired 4. Kilmannock 12. Larport 5. Port of Tilbury 13. Ancala* 6. Lower Road 14. Ferrymuir 7. Boulby 15. Stony 14 8. Cenin 16. Enderby *The Ancala asset comprises 10 s
Slide 12: Market overview: Available Revenue
Market overview: Available Revenue Grid balancing Peak shifting • Balance supply and • Predict peak annual Discharge demand in real-time Peak-period demand periods savings • Compensate for • Use battery during Demand voltage and Charge highest demand frequency period of year to fluctuations which Ye
Slide 13: Portfolio: Consolidated Assets Revenue Breakdown
Portfolio: Consolidated Assets Revenue Breakdown 2021 Revenue Trends: Revenue Stack for the Period(1) Majority of the portfolio assets provided services that remunerates faster response over a short duration of time. This means sites with a 30-min 0.45%6.58% system duration were optimal use of initi
Slide 14: Portfolio Revenue & EBITDA
Portfolio Revenue & EBITDA EBITDA for the portfolio increased 2.5x over the 6-month period from 31 March 2021 to 30 September 2021, largely due to 100 MW in NI becoming operational NI Assets become operational 7,000,000 6,000,000 5,000,000 Acquisition of 81.0 MW portfolio 4,000,000 of operational as
Slide 15: Pipeline: Projects in UK, USA, Europe & Australia
Pipeline: Projects in UK, USA, Europe & Australia Total pipeline of over 1.2 GW/ 2.6 GWh of opportunities available to GSF(1), including a 2 GWh active pipeline across North America and Western Europe Existing Portfolio Live Projects North America C A 40 MW / 160 MWh(2) A B 79.2 MW / 158.4 MWh(2) B
Slide 16: II. GSF Summary
q Gore Street td Energy Storage Fund Il. GSF Summary
Slide 17: Conclusion
Conclusion Gore Street Energy Fund The fund is consistently has 397 MW of assets to be evaluating new revenue constructed, which includes opportunities, including DS3 the recent 90 MW services in IRE and Trading expansion recently 1.Future 2. Revenue in GB which resulted in c. 2x authorised deployme
Slide 18: GSF: Closed-end Investment Trust
GSF: Closed-end Investment Trust Utility scale energy storage projects Current Listing Premium Segment – LSE, Main Market Target Yield 7%(1) of NAV per annum with a minimum of 7p/share Target Return Target unleveraged portfolio gross asset return of a minimum of 10% (2) Geography UK and Ireland, wit
Slide 19: III. Appendix
q Gore Street td Energy Storage Fund III. Appendix
Slide 20: Energy Storage: Why is it needed?
Energy Storage: Why is it needed? Intermittent generation from renewables requires energy storage to balance supply/ demand in real-time Drivers Risks Solution Grid-scale energy storage - enables adoption of renewable energy Accelerated closure of baseload plants (Coal & Nuclear) Less stability of s
Slide 21: Investment Strategy
Investment Strategy Utility scale storage projects targeting 10% -12%(1) unlevered in aggregate across the portfolio Acquisition approach: GSC has extensive market experience in optimising balance sheet efficiency 1 Proven ability to effectively execute at competitive prices Efficient project screen
Slide 22: Investment Strategy: Deployment Cost Comparison
Investment Strategy: Deployment Cost Comparison Gore Street Energy Storage Fund has consistently acquired and constructed its assets at competitive cost levels relative to the industry. Installed cost £/MW comparison between GSF and Comparable Funds (Average) (£000’s)* 1,000 900 800 700 600 Average
Slide 23: Partnerships, suppliers and technology
Partnerships, suppliers and technology Validation from a key group of strategic …And diversification and assurance partners reinforcing expertise, capital and with suppliers and technology returns for investors… Strategic Supplier Investors Partnerships Technology Partners Gore Street Energy Storage
Slide 24: GSC Leadership & Board
GSC Leadership & Board GSC Leadership Alex O’Cinneide Suminori Arima Onsu Wegner Frank Wouters Daniel Mudd CEO CIO COO & GC Investment Investment Committee Committee* GSF Board Patrick Cox Caroline Banszky Max King, ACA Tom Murley Chairman Chair of Audit Committee Director Director * Mr. Mudd is an
Slide 25: ESG: Business model
ESG: Business model The fund is moving towards integrating environmental, social and governance risk as well as opportunity assessments across every single stage of its investment process Asset identification Gore Street has assessed hundreds of opportunities since IPO and maintains a discipline of
Slide 26: Environmental, Social and Governance (ESG)
Environmental, Social and Governance (ESG) ESG Frameworks Sustainable Development Goals (SDGs) There are various ESG frameworks which can be used to shape ESG strategy, assess and measure The Company supports the ESG metrics and performance. UN’s Sustainable Development Goals Here are the frameworks
Slide 27: Environmental, Social and Governance (ESG)
Environmental, Social and Governance (ESG) FCA FCA Business Plan In the FCA’s Business Plan, the regulator said it will be In November 2021, the FCA stated: focusing on six of the most important cross-market issues: 1. fraud Diversity and inclusion is a key component of ESG – 2. financial resilience
Slide 28: Environmental, Social and Governance (ESG)
Environmental, Social and Governance (ESG) The Fund is committed to the continuous integration of ESG assessments into its investment, construction and operational decision making, and aims to transparently communicate about its progress through participation in the following initiatives: UN Princip
Slide 29: Environmental, Social and Governance (ESG)
Environmental, Social and Governance (ESG) Health and Safety The Company aims to always operate in a manner that safeguards public health, property and the environment. Our partners’ protocols and system designs are developed to ensure minimal disruption to communities (including noise pollution and
Slide 30: Environmental, Social and Governance (ESG)
Environmental, Social and Governance (ESG) We are committed to reporting our workforce diversity data biannually. At 30 September 2021, two-thirds of the Investment Manager’s executive team are from Green Economy Mark non-white (majority) ethnicities and nearly half of the Investment Manager’s team
Slide 31: Environmental, Social and Governance (ESG)
Environmental, Social and Governance (ESG) Sustainable Development Goals (SDGs) The Company supports the UN’s Sustainable Development Goals and believes its investments in energy storage contributes to the following four goals out of the seventeen SDG goals: The company has joined GIIN (The Global I
Slide 32: Disclaimer
Disclaimer This presentation has been prepared by Gore Street Capital Limited ("Gore Street Capital") for information and discussion purposes only and should not be considered to be an offer or solicitation of an offer to buy or sell shares in the capital of Gore Street Energy Storage Fund plc (the
Slide 33: Contact
Contact Gore Street Capital – The Shore Capital – Joint Broker J.P. Morgan Cazenove – Joint Broker Investment Manager Anita Ghanekar / Rose Ramsden William Simmonds / Jérémie Birnbaum Alex O’Cinneide / Maria Vaggione (Corporate Advisory) (Corporate Finance) Tel: +44 (0) 20 3826 0290 Fiona Conroy / H
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