Gore Street Energy Storage Fund has reported a 47% rise in net asset value (NAV) to £556.3m for the year ending 31 March 2023, compared with financial year 2022.
NAV per share increased 5.9% to 115.6 pence for FY2023, compared with 109.1 pence for FY 2022.
EBITDA of the operational portfolio increased 19% to £27.8m in FY 2023, ending 31 March 2023, compared with £23.3m in FY 2022, with 63.5% secured outside Great Britain.
Operational assets producing income increased to a total capacity of 291.6MW in 2023, from 231.7MW in FY 2022.
Portfolio expansion continued with sizeable new projects acquired in attractive new markets, offering “unique diversification and differentiation”, comprising 144.65MW across eight assets in Texas, US, 200MW construction-ready assets in GB, 200MW construction-ready assets in California, US.
The company’s geographical split is now 42% in Great Britain, 27% in Ireland, 12% in Texas, 17% in California and 2% in Germany.
Post period-end highlights include the energisation of the Stony asset, with a capacity of 79.9MW, which has been scheduled with National Grid ESO for July-end 2023.
Chief executive of Gore Street Capital, the investment manager to the company, Alex O’Cinneide, said: “I am pleased to announce that the company has maintained its upward trajectory, achieving significant milestones by adding landmark assets to our portfolio.
“Additionally, we have generated industry-leading revenues from four uncorrelated markets, further bolstering our success.
“As we have consistently communicated, the discussion around system duration in GB has now shifted towards recognising international diversification as the key determinant of sustained profitability.”