Gore Street Energy Storage Fund asset value rises 1.7%

0 47

Gore Street Energy Storage Fund PLC (LON:GSF), the industrial battery investor, saw its net asset value (NAV) increase by 1.7% to 96.2p in the quarter to end June 2020.

The trust said its portfolio of UK battery assets did well helped by recent acquisitions while the construction of its Irish assets is on track.

The dividend for the quarter is 2p, which is in line with the fund’s annual target of 7p.

In the previous fiscal year, to March 30, 2020, Gore Street’s NAV rose to 94.6p per share from 91.9p.

In a statement, Alex O’Cinneide, CEO of Gore Street Capital, the company’s investment adviser said: “We are pleased with the continued performance of Gore Street’s operational assets including acquisitions and good progress in the development of the company’s Irish assets, which is reflected in a significant NAV uplift for Q1 financial year 2021.

“The company’s attractive 7p annual dividend target for the fiscal year reinforce its defensive qualities during the Covid-19 era as the Company’s assets continue to perform an essential service in balancing electricity grids”.

Leave A Reply

Your email address will not be published.