Gore Street Energy Storage Fund (GSF) H2 2024 earnings summary

Executive summary

• Operational EBITDA reached £28.4 million, with total revenue up 5.5% to £41.4 million and a dividend yield of 11.6%, reflecting strong portfolio resilience and performance.

• Energised capacity grew 45% to 421.4 MW, with total portfolio capacity at 1.25 GW.

• NAV per share declined to 107.0p from 115.6p, with a NAV total return of -1.2% due to macroeconomic factors and lower market revenue forecasts.

• Portfolio diversified across GB, Ireland, Germany, Texas, and California, supporting high revenue per MW and reducing volatility.

• Dividend yield increased to 11.6% from 6.9%, with a 7% of NAV dividend target achieved.

Financial highlights

• Total revenue exceeded £41 million, with operational EBITDA near £29 million.

• Cash or cash equivalents stood at £60.7 million, with £58.6 million debt headroom and net cash of £19.6 million.

• Gearing was 15.1% of GAV, expected to rise as new projects are completed.

• Dividend target of 7.0p per share for FY25, aligned with cash flow and fully funded operational portfolio.

• Offering proceeds of £27 million contributed to NAV, offsetting macroeconomic headwinds.

Outlook and guidance

• Three major projects (Enderby, Big Rock, Dogfish) expected online by March 2025, increasing operational assets to 750 MW and targeting 753.4 MW by FY25-end.

• $60–80 million ITC payment anticipated in 2025 from US projects.

• Dividend policy for FY25 set at 7.0p per share, with route to full cover as capacity grows.

• Revenue recovery in GB market not expected until at least 2028; conservative revenue assumptions maintained for all markets.

• Advanced stage in securing a long-term Resource Adequacy contract for the 200 MW Big Rock project in California.