Gore Street has followed its announcement of an oversubscribed PrimaryBid offer with an oversubscribed placing. The two raises will bring in a total of £73.6m at a time when the fund is seeing plentiful opportunities for investment.
Companies: Gore Street Energy Storage Fund PLC
Oversubscription of Gore Street’s PrimaryBid offer is helpful although given the attractions of the energy storage market perhaps not surprising. The larger placing remains open with results announced at the end of the month. Together the c.£70m raise will provide the fund with ammunition to pursue its strong pipeline of storage opportunities.
Gore Street continues to find good projects in the GB market and has today announced a 57MW project in Leicester. It is now more active in seeking projects beyond the UK and RoI in North America and Western Europe and we think there are significant opportunities in these geographies. The company now has a pipeline of 2.5GWh with 2GWh of that in new geographies and 160MWh of that under exclusivity. With these opportunities in mind the company has announced a placing at 107p.
Gore Street continues to show progress with a small increase in the first quarter NAV to 101p. Performance of the operating assets remains strong and opportunities in battery storage continue to look attractive in our view.
As at 30 June 2021, the NAV TR of Gore Street Energy Storage Fund (GSF) was 101p, rising marginally from 100.9p as at 31 March 2021. This follows an NAV TR of 14.1% for the previous year. The performance of operational assets continues to be strong. We note that per hour dynamic containment (DC) prices are still at £17 per MW. GSF expects DC prices to drop by c.20% in the quarter beginning October 2021 and substantially in the following quarter. The modest NAV increase reflects both the signific
Gore Street has had a strong year in our view with the portfolio more than doubling to 440MW against 189MW. Post year end this has increased to 520MW of which 210MW is operational. An 800MW pipeline with 300MW under exclusivity gives shareholders the prospect of continued asset growth and, with a wider geographic spread of sites, allows further diversification.
As midsummer’s day looms (where has this year gone?), there is greater optimism, in general, than may have been anticipated a few months ago. A post-pandemic, ‘vaccine-driven’ recovery demonstrated by increased consumer spending as lockdown measures are lifted has been one of the catalysts. The FTSE 100 has been range-bound in the last month 6,900-7,100. We have seen a combination of broadly positive company results across a range of sectors, further examples of M&A activity and a sequence of ne
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Gore Street continues to develop its portfolio with the acquisition of a 80MW project in the GB market and a 300MW expansion of its exclusive development pipeline. Extended revenue opportunity in Ireland and well optimised assets in the UK give us confidence that the company can maximise value from this larger portfolio.
Gore Street has raised £135m at a 2.4% premium to NAV almost doubling the size of the fund. With a project pipeline of 1.3GW we expect it to be able to deploy this capital effectively and we think this will allow the company to take its pick of some of the best sites.
Gore Street’s equity raise recognises the wealth of opportunities currently available in energy storage. We see a lot of activity here and to an extent there is a “land grab” for good storage sites, especially in the GB market. New funding can help Gore Street here in our view, taking the fund to a new level.
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
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Energy storage assets are critical to grid stability as we move to a world where electricity generated from renewable sources is the dominant form of energy. Gore Street Energy Storage Fund (GSF) has, in our opinion, demonstrated its ability to grow by acquiring projects with high IRRs across various geographies and structures and complete them at attractive per MW costs. When acquiring operating assets in Great Britain, GSF has done so at a significantly lower per MW price than its peers. We be
Gore Street Energy Storage (GSF) has announced that its Northern Ireland (NI) assets are now operational (2x50MW). This nearly doubles GSF’s operational assets to 210MW. The highly lucrative DS3 cashflows coupled with the commissioning date should translate to IRRs that are significantly above 10% for these projects. In addition, GSF has announced an increased capacity on its Republic of Ireland (RoI) assets, which should also boost IRRs for these projects. GSF has also secured a £15m Revolving
Gore Street has announced the completion of its two projects in Northern Ireland in time to fully participate in the attractive uncapped DS3 programme. It has also announced a further expansion of capacity in the Republic of Ireland adding an additional 60MW. With a pipeline now standing at 1.3GW, and with financing options including a new revolving credit facility, Gore is making real progress and showing potential for more to come.
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