Energy storage fund investment manager Gore Street has released its annual results, highlighting how internationalization has helped it cope with declining revenues in Britain.
Gore Street Energy Storage Fund plc, which trades under the GSF ticker, owns battery energy storage systems (BESS) projects in the UK, Ireland, Germany and the US.
As our sister site Energy storage.news As reported in May, the company saw a 5% increase in revenue in the year to March 31, 2024, largely due to diversification with its projects in Ireland and Texas offset declines in Great Britain and Germany.
In its full audited results, it confirmed revenue figures of £41.4 million (US$53.7 million) for the year and revealed operating EBITDA grew 2.5% to £28.4 million, ending the year with £60.7 million in cash or equivalents and £58.6 million. in debt.
Despite growth in operating capacity, net asset value (NAV) at the end of the period was £540.7 million, down 3% from a year earlier, while NAV per share fell 7.5% to 107 pence.
Energized capacity increased by 45% to 421.4 MW over the period. A further 332 MW of projects are expected to be powered over the next seven months.
CEO of Gore Street Capital Dr. Alex O’Cinneide said: “I am proud to report that the company has continued to deliver growth while demonstrating leadership and resilience during an extremely turbulent period. The international portfolio continued to generate a consistent average revenue of £15.1 per MW/hour thanks to best-in-class operating performance and capital management.”
The company’s internationalization has helped it weather declining UK revenues. Harmony Energy Income Trust (HEIT) and Gresham House Energy Storage Fund (GRID) only have operational projects in Britain, and both recently canceled dividends for this year.
This article was originally published on our sister site Energy storage.news. Read the full article here.
