logo-loader

Gore Street Energy evaluating 140Mw UK investment portfolio

Published: 10:21 28 Feb 2020 GMT

Gore Street Energy Storage Fund PLC -

Gore Street Energy Storage Fund PLC (LON:GSF) increased its net asset value by 3% to 96.1p over 2019 after paying out 7p in dividends.

Alex O'Cinneide, the trust’s adviser, said the growth in NAV reflects the rising interest in batteries and renewable energy to combat climate change.

Gore Street is currently evaluating a storage portfolio of more than 140Mw, he added, which would represent its first investment in the UK since 2018.

 “Since IPO, we have delivered 10.3% total return and announced 10p per share of dividends with the share price trading at a premium to both NAV and the IPO price.”

The availability of additional revenue streams should help it meet its target of a 10% plus rate of return, O'Cinneide added.

Operationally, 9Mw came on stream at Port of Tilbury in October while the 10Mw asset at Lower Road, Essex, is expected to be energised next month.

This will be commissioned in tandem to deliver against a Fast Frequency Response contract that begins in April, Gore Street said.

FTSE starts flat, Unilever jumps on ice cream overhaul - Market Report

The FTSE 100 has opened flat, with the largest gain coming from multinational consumer goods heavyweight Unilever. The company lifted more than 5% in early trading after launching plans to sack 7,500 workers as part of an overhaul of its ice cream business. Over in the pharmaceutical...

6 minutes ago