Gore Street Energy Storage Fund Plc · LSE:GSF
Gore Street Energy Storage Fund — H1 2022 Earnings Presentation
25 slides from Gore Street Energy Storage Fund's earnings presentation, 2022
Slide 1: Interim Results
q Gore Street ¢ Energy Storage Fund
Slide 2: Presentation Team
Presentation Team Alex O’Cinneide Suminori Arima Paula Travesso Chief Executive Officer Chief Investment Officer Principal Before founding GSC, Alex was Head of Sumi led Renewable Energy transactions as Paula's expertise is in merger and Europe for Paladin Capital, a Senior Advisor Managing Director
Slide 3: Financial Highlights
Financial Highlights Gore Street Energy Fund plc (“GSF”) is listed on the premium segment of the London Stock Exchange. It is London’s first listed energy storage fund, investing in assets across the UK and internationally. As of September-end 2022 £529.5 m 4.0p 4.65% (1) Market Capitalisation Divid
Slide 4: Business Highlights
Business Highlights Portfolio capacity increase As of September 2022 Post Period Through acquisitions: Total portfolio Acquisitions totalling 200 MW: capacity increased by 69.65 MW: • Middleton: 200 MW • Synder: 9.95 MW • Westover: 9.95 MW • Sweetwater: 9.95 MW • Mineral Wells: 9.95 MW • Cedar H
Slide 5: Market & Portfolio
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Slide 6: Portfolio Summary
Portfolio Summary GSF’s total portfolio stands at 698.2 MW as of September 2022 291.6 MW of operational and 406.6 MW of pre-construction and construction phase projects; 200.0 MW acquired after September-end As of the date of publication, the portfolio stands at 898.2 MW GB & Northern Ireland (GBP)
Slide 7: Market Overview – Available Revenue
Market Overview – Available Revenue Grid Balancing: Peak Shifting • Balance supply and demand in • Predict peak annual demand real-time periods • Compensate for voltage and • Use battery during highest demand frequency fluctuations that affect 96% (1) period of the year to reduce grid grid stability
Slide 8: Revenue progress: consolidated portfolio
Revenue progress: consolidated portfolio Total Revenue (in £000’s and £000’s/MW) represented for each grid. Geographically diversified Increasing revenue trend One of the top performers in GB revenue Operating GB assets showed strong Some of the company’s GB assets The fund now has operational asset
Slide 9: Revenue Breakdown
Revenue Breakdown Average hourly revenue per grid £19.92 / MW (1 ) £10.52 / MW (1 ) Achieved through Great £21.63 / MWh (1 ) NI/ROI £18.84 / MWh (1 ) Britain In-house operation team Offering higher returns when The DS3 programme is the comparing all revenue streams, predominant source of DC & FFR dr
Slide 10: Operational Performance: Highlights
Operational Performance: Highlights Scale: GSF Market Share • One of the largest operators and active in a number of markets GB FFR(2) DC Market shares across the international portfolio: 7% 7% • 7% market share in the DC Market (1) • 55% market share in the DS3 capped market (1) • 4% share of the G
Slide 11: Portfolio: Sites in Construction
Portfolio: Sites in Construction Portfolio capacity Buildout – expected completion for the sites under pre-construction or construction stage Portfolio Additional 187 MW operational in Portfolio Expansion 2023 (1) 269.6 Portfolio growth MWs vs March 2022 Expected operational capacity 208% increase f
Slide 12: Diversification Metrics
Diversification Metrics Geography % of total MW(1) 45% exposure to non-GB geographies 3% 8% GB 11% ROI 16 revenue streams across four grids 55% NI 23% Germany US Operational portfolio % of total MW(1) 33% of portfolio operational. An additional 187 MW coming online during 2023(2) 10% GB 8% 38%
Slide 13: Financial Performance
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Slide 14: Historical: Net Asset Value per Share
Historical: Net Asset Value per Share 120 50 111.1 107.1 108.7 103.3 103.9 45 99.6 100.9 101 97.7 96.1 96.2 97.3 100 94 93.6 95.5 94 92.9 91.9 40 35 80 29 27 30 25 24 60 22 25 20 18 20 17 40 15 13 15 11 10 8 10 20 6 4 3 5 2 0 0 0 NAV per Share (in pence) Accumulative Dividend (in pence) Past perform
Slide 15: Valuation: Net Asset Value
Valuation: Net Asset Value NAV increased by 4.0p per share since March 2022, representing a net asset total return of 4.65%(1) share over the interim period. Net Asset Value (In £ million) Portfolio NAV drivers: Fundraise of £147.3m net proceeds. Successful de-risking of projects as they progresse
Slide 16: Gore Street NAV Assumptions
Gore Street NAV Assumptions Gore Street evaluates NAV based on declining revenue assumptions, using mid-case revenue projections of independent 3rd parties. GB Blended Curve of Ancillary Services & Trading NI & ROI Revenue Forecasts NI ROI 18 16 20 14 12 15 £/MW/hr €/MW/hr 10 8 10 6 4 Note 5 year in
Slide 17: Sustainability
7) Gore Street @ Energy Storage Fund
Slide 18: ESG Highlights
ESG Highlights The Company published its first Sustainability report in August 2022, including its voluntary alignment with SFDR. For the Interims, GSF has chosen to also align with TCFD Environmental Social Governance During the 21/22 fiscal year, GSF’s As of March 2022, two-thirds of the Committed
Slide 19: Environmental, Social and Governance
Environmental, Social and Governance Gore Street Energy Storage Fund | 19
Slide 20: Next Steps
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Slide 21: Pipeline Projects in US
Pipeline Projects in US Total international pipeline of over 1.5 GW and US Pipeline of 1.2 GW The total US portfolio stood at 69.65 MW as of September 2022 Pipeline Project MW MWh Grid A 200.0 400.0 CASIO B 75.0 150.0 ERCOT C 200.0 200.0 ERCOT D 200.0 400.0 ERCOT E 89.1 178.2 ERCOT F 60.0 240.0 CAIS
Slide 22: Conclusion
7) Gore Street @ Energy Storage Fund
Slide 23: Conclusion
Conclusion GSF’s strong financial performance Future deployments and The fund has shown strong new acquisitions financial performance, with a NAV total return for the six- month period of 4.65%(1). Active management GSF has 606.6 MW of projects at the construction or pre- Market outlook and The inve
Slide 24: Contact
Contact Gore Street Capital – Shore Capital – Joint J.P. Morgan Cazenove – Joint The Investment Manager Corporate Broker Corporate Broker Alex O’Cinneide / Paula Travesso Anita Ghanekar (Corporate Advisory) William Simmonds/ Jérémie Birnbaum Tel: +44 (0) 20 4551 1382 Fiona Conroy (Corporate Broking)
Slide 25: Disclaimer
Disclaimer This presentation has been prepared by Gore Street Capital Limited ("Gore Street Capital") person (within the meaning of regulations made under the US Securities Act 1933, as for information and discussion purposes only and should not be considered to be an offer or amended); (iii) subjec
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