Gore Street Energy Storage Fund has reported a 704% increase in earnings from its operational portfolio to £23m in its financial year ending 31 March 2022.
The company reported an EBITDA of £23.3m as of 31 March 2022, compared with £2.9m as of 31 March 2021.
Net asset value (NAV) increased 154% to £370m in the year ending 31 March 2022, compared with the previous year ending 31 March 2021.
NAV per share increased 6% to 107.1 pence as of 31 March 2022, compared with 100.9 pence as of 31 March 2021.
The company raised a total of £208.6m in two oversubscribed issuances: £135m in April 2021 and a further £73.6m in October 2021.
During the year ending 31 March 2022 Gore Street increased its portfolio to 628.5MW, compared to 380MW as of the end of 31 March 2021.
Around 37% of the portfolio was operational with around 63% under construction/pre-construction as of 31 March 2021.
Operational assets producing income increased to 12 projects, with a total capacity of 231.7MW as of 31 March 2022, compared with 11 projects, totalling 209.7MW capacity as of 31 March 2021.
All operational GB assets showed “strong performance” for the period, with the average revenue per MW for the fiscal year 68% higher than the 2021 fiscal year average and 18.3% higher than internally forecasted for the period.
Gore Street said the portfolio expansion continued across “attractive markets” and included a first acquisition in Mainland Europe, a 22MW operational asset in Germany, plus two assets in Great Britain, which were Stony (79.9MW) and Enderby (57MW).
The company also secured rights to expand one of its assets in the Republic of Ireland, Kilmannock, by an additional 90MW, which, following the 60MW expansion grant for Porterstown, will increase total portfolio size in the Republic of Ireland from 60MW on acquisition to 210MW upon completion.