Gore Street rounds off 2022 with another NAV per share increase

Gore Street Energy Storage Fund has declared its estimated unaudited net asset value (NAV) per share increased to 113.5 pence as of 31 December 2022.

Despite the positive performance, Gore Street provided no updates to any long-term assumptions in relation to portfolio companies’ valuations.

The increase in the NAV per share comes despite macroeconomic challenges the fund had witnessed in its September 2022 results. At the time, the fund confirmed its asset value surged 45% over the six months from 31 March 2022, as ancillary service revenues stayed strong.

Following this strong performance, Gore Street continued its upward trajectory and finished the year with a NAV share of 113.5 pence per share – a 2.16% increase on the previous NAV as of 30 September when it stood at 111.1 pence per share.

In the previous results, the battery energy storage fund highlighted the impact of rising short-term inflation, rising interest rates, high foreign exchange (FX) volatility and increasing construction costs on its portfolio.

The company’s Board of Directors has declared an interim dividend of 2.0 pence per ordinary share for the period 1 October 2022 to 31 December 2022. The ex-dividend date will be 16 March 2023 and the record date 17 March 2023. The dividend will be paid on or around 11 April 2023

Despite the introduction of the Electricity Generator Levy, which imposes a 45% windfall tax on “extraordinary returns” made by companies generating low-carbon electricity, this does not extend to battery energy storage, thus Gore Street is expected to continue its positive performance in 2023.