Gore Street Energy Storage Fund Plc · LSE:GSF
Gore Street Energy Storage Fund — FY2021 Earnings Presentation
34 slides from Gore Street Energy Storage Fund's earnings presentation, Mar 31, 2021
Slide 1: Final Results Presentation
Final Results presentation Annual Results Year Ended 31 March 2021
Slide 2: Presentation Team
Presentation Team Alex O’Cinneide Suminori Arima Paula Travesso Chief Investment Principal Chief Executive Officer Officer Paula's expertise is in merger and Alex is the founder of Gore Street Sumi led Renewable Energy acquisitions with her previous job Capital. He previously was a transactions as M
Slide 3: Financial Highlights
Financial Highlights Gore Street Energy Fund plc (“Gore Street”, “GSF” or the “Company”) is listed on the Premium Segment of the London Stock Exchange and has been awarded the Green Economy mark. GSF is London’s first listed energy storage fund, investing in assets across the UK and internationally.
Slide 4: Fundraise & Deployment Highlights
Fundraise & Deployment Highlights Fundraises As of March 2021 Post Period - Raised £90.8 million - Raised £135.0 million in April 2021 • Raise in June/July: £23.7 million - 55.0 million shares additional • Anesco subscription: £7.1 million subscription available under current • Placing in December:
Slide 5: Year in review
Year in review Placing + ENEOS Subscription Ferrymuir Acquisition Prospectus Publication Two pence One penny Dividend declared + Placing 20/21 Dividend declared Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Two pence Anesco Acquisition Two pence Northern Ireland
Slide 6: Share price performance vs NAV
Share price performance vs NAV Gore Street Energy Storage Fund has consistently traded at a premium to NAV over the last year. The Fund was included in FTSE All-share post the year-end. Pence 115 110 105 100 95 90 85 June 2020 September 2020 December 2020 March 2021 Share price NAV per share Gore St
Slide 7: The Gore Street Energy Storage Fund
The Gore Street Energy Storage Fund
Slide 8: About Gore Street Energy Storage Fund
About Gore Street Energy Storage Fund Gore Street Energy Storage Fund is the first UK and Ireland pure-play energy storage fund, targeting a dividend of 7.0 pence or 7% of NAV. • The Fund already has several geographically diversified operational assets in the portfolio and multiple revenue streams
Slide 9: Fund Acquisitions Overview – As at March 2021
Fund Acquisitions Overview – As at 31 March 2021 The Company has an interest in 23 assets. The Company has made substantial progress with its acquisition pipeline within the fiscal year. • In June 2020, the Company completed the acquisition of a 100 per cent interest in Ferrymuir (50 MW) in Scotland
Slide 10: Investment case
Investment case Market Proven Growth Pipeline Leader Technology Market The fund to deploy 40% of its capital outside the UK and ROI Gore Street Energy Storage The Company has impressive The UK and Irish storage providing access to multiple Fund has a first-mover operational and health and markets ar
Slide 11: Investment objective and policy summary
Investment objective and policy summary Investment Investment Policy Objective Geographical Revenue Asset Diversification The Company Concentration and Diversification and Stacking seeks to provide Diversification and Stacking The Company will have an investors with a acquisition price of up to a su
Slide 12: Financial performance
q Gore Street ¢@ Energy Storage Fund Financial performance
Slide 13: Valuation: Net Asset Value
Valuation: Net Asset Value There was a NAV increase of 6.3 pence per share, which represents a net asset total return of 14.1% over the year. From IPO to 31 March 2021, the Company has delivered a net asset total return of 20.7%. Net Asset Value (In £ million) * The fund and subsidiary holding compa
Slide 14: Historical: Net Asset Value per Share
Historical: Net Asset Value per Share Total return over FY 21: 14.08% 102.00 100.88 100.00 99.56 98.00 97.67 97.28 NAV per Share (in pence) 96.12 96.00 96.23 94.00 93.96 95.50 92.90 93.56 94.56 92.00 91.88 90.00 88.00 86.00 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Past
Slide 15: Key NAV drivers
Key NAV drivers The GSF NAV has continued to grow increasing from 94.6 pence/share to 100.9 pence/share over the fiscal year. 1 Acquisition of operational assets from Anesco: The assets have provided immediate cash flow supporting dividend payment. Dynamic Containment revenue uplift: The portfolio a
Slide 16: Portfolio: Consolidated Assets Revenue Breakdown
Portfolio: Consolidated Assets Revenue Breakdown Revenue Stack for the Period (%) 2020/2021 revenue trends: • Majority of the portfolio assets provided services that remunerates faster response over a short duration of time. This means sites with a 30-min system duration were optimal use of initial
Slide 17: Portfolio & Market
q Gore Street ¢@ Energy Storage Fund Portfolio & Market
Slide 18: Portfolio summary
Portfolio summary 1. Drumkee 8. Cenin 2. Mullavilly 9. Hulley 3. Porterstown** 10. Lascar 4. Kilmannock** 11. Breach 5. Port of Tilbury 12. Larport 6. Lower Road 13. Ancala* 7. Boulby 14. Ferrymuir** 14 15. Stony*** *The Ancala asset comprises 10 smaller sites of 1.0MW – 1.2MW 1 7 across the UK. The
Slide 19: Market overview - Background
Market overview - Background The Company hopes to boost the decarbonisation movement by supporting the increased penetration of renewables by balancing the grid with its energy storage solutions to deal with inherently intermittent electric generation by renewables. Battery storage enables excess en
Slide 20: 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 Y
Slide 21: 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 22: Portfolio: Technical Characteristics
Portfolio: Technical Characteristics Geography – by MW Battery Suppliers – by MW Meter Position- by MW 4 15 4 4 50 Rep. of Ireland Behind the Tesla 125 Meter 180 Northern Ireland NEC 200 106 BYD Colocational England Fluence Wales TBD 81 Front of the 100 421 30 Meter Scotland Historical Portfolio Tra
Slide 23: Operational performance: Highlights
Operational performance: Highlights Scale: DC Market Share • One of the largest operators in the market. Dominant Market Share in the GB and Ireland: 18% • 18% market share in Dynamic Containment Market as of 31 March-21. • 67% market share in DS3 uncapped market as of 31 March-21. Uptime Assets Upt
Slide 24: Operational performance: Asset Uptime
Operational performance: Asset Uptime Asset Allocation of time over the year (1) Larport (20 MW) Lower Road (10 MW) Lascar (20 MW) 0% 1% 3% 12% 19% 3% 5% 18% 1% 16% 76% 78% 68% Breach (10 MW) Hulley (20 M W) 4% 1% 3% 1% 14% 14% 81% 82% (1) Period from 1 April 2021 or from acquisition date to 31 Marc
Slide 25: Operational performance: Revenue and EBITDA
Operational performance: Revenue and EBITDA EBITDA for the portfolio increased 3.3x from £470k to £1.5m over the period from 31 March 2020 to 31 March 2021 Total net revenue/ EBITDA (£) since IPO An aggregate of 89 MW of portfolio assets providing Dynamic Containment 3,000,000 Acquisition of 81MW po
Slide 26: Integrated ESG
q Gore Street ¢@ Energy Storage Fund Integrated ESG
Slide 27: Integrated ESG
Integrated ESG The Company’s mission is to be a leader in the global movement to transition to a low carbon economy. GIIN The Company is also a member of the Global Impact • The Company is committed to the continuous Investing Network (GIIN) and is aligned with GIIN’s integration of environmental, s
Slide 28: Integrated ESG: Goals 2021-22
Integrated ESG: Goals 2021-22 The Fund is committed to the continuous integration of ESG assessments into its investment, construction and operational decision-making process. PRI The fund has begun to adopt the UNPRI’s six principles for better understand of environmental, social and governance imp
Slide 29: Business model
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 only
Slide 30: Conclusion and next steps
q Gore Street ¢@ Energy Storage Fund Conclusion and next steps
Slide 31: Next acquisitions: Pipeline update
Next acquisitions: Pipeline update Total pipeline of over 882 MW of opportunities available to GSF Existing Portfolio M L Live Pipeline Projects (in exclusivity) A 250.0 MW (up to) B 50.0 MW D Pipeline – GB & Ireland C 100.0 MW D D 50.0 MW E 50.0 MW E F 60.0 MW H G 60.0 MW I J C H 50.0 MW F I 30.0 M
Slide 32: Conclusion
Conclusion Gore Street Energy Fund The funds subsidiary, GSES has 190 MW assets to be 1 Limited, backed by the fund constructed and 120 MW has secured a £15 million potential expansions that it facility that can be used to may undertake in future. 1.Future optimize capital structure. deployment 2. D
Slide 33: 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 34: Contact
Contact Gore Street Capital – Shore Capital – Joint Corporate Broker J.P. Morgan Cazenove – Joint Corporate The Investment Manager Anita Ghanekar (Corporate Advisory) Broker Alex O’Cinneide / Paula Travesso William Simmonds/ Jérémie Birnbaum (Corporate Henry Willcocks / Fiona Conroy (Corporate Broki
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