Gore Street Energy Storage Fund Records a 27% Increase in Operational Capacity, Aiming for Over 800MW by End of 2024

Credit: Gore Street Energy Storage Fund

Gore Street Fund has announced a notable 27% surge in operational capacity, reaching 372MW for the quarter ending on December 31, 2023. This growth is attributed to the commercial operation of the 79.9MW Stony asset during this period. The company remains on track to surpass 800MW in operational portfolio capacity by the close of 2024.

The fund's consolidated portfolio has demonstrated stable revenue, generating an estimated £15.1/MW/hr. This consistent revenue profile is achieved through a diversified portfolio encompassing multiple uncorrelated markets, system chemistries, and durations. Notably, Gore Street's Northern Irish assets achieved a record high estimated revenue of £31.4/MW/hr during FY Q3.

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Emphasizing the significance of uncorrelated revenue cycles between markets, Gore Street underscores the advantages of operating across diverse, uncorrelated grids within an energy storage portfolio.

The strategic partnership forged with Nidec has led to the issuance of 14,000,000 new Ordinary Shares at NAV, indicating a positive step forward for the company. Alex O'Cinneide, CEO of Gore Street Capital, the fund's investment manager, expresses optimism for the company's trajectory in 2024. He notes the increasing demand for energy storage assets driven by targets and the evolving energy landscape.

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Despite challenges faced in 2023, highlights the value of a diversified portfolio, maintaining strong net asset value (NAV) and revenue generation. The company anticipates a pivotal year ahead, with operational capacity set to exceed 800MW, including the addition of 200MW in a new market. Plans for potential capital recycling and enhanced dividend cover from diverse revenue streams further contribute to the company's positive outlook for significant growth.

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