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GSF Gore Street Energy Storage Fund Plc

-0.50 (-0.59%)
06 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Gore Street Energy Storage Fund Plc GSF London Ordinary Share
  Price Change Price Change % Share Price Last Trade
-0.50 -0.59% 84.50 16:35:05
Open Price Low Price High Price Close Price Previous Close
86.00 84.50 86.10 84.50 85.00
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Industry Sector

Gore Street Energy Storage GSF Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date

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Posted at 04/12/2023 14:49 by mirandaj
More information

LONDON, Dec. 4, 2023 /PRNewswire/ -- Gore Street Capital and ITOCHU Corporation have been selected by the Tokyo Metropolitan Government (TMG) to launch Japan's first fund dedicated to grid-scale energy storage systems.

The two firms have been jointly selected as the managers of TMG's energy creation and energy storage promotion fund following a competitive process held in April 2023. The pair will launch a joint venture to manage the public-private partnership fund, to which TMG will contribute ¥2bn (£10.6m) in funds by the end of fiscal year 2023. Additional funding will be raised from the private sector, including from ITOCHU.

The fund will be targeted at projects in the Kanto region of Japan. TMG intends for the energy storage assets to support its efforts to expand renewable electricity usage to 50% by 2030. ITOCHU is already developing several grid storage battery projects in Japan, with a cumulative total of more than 100 MWh of assets under development.

Alex O'Cinneide, CEO of Gore Street Capital, said: "We are proud to have been selected as the joint manager of Japan's ;first dedicated energy storage fund in partnership with ITOCHU. 

"Gore Street Capital was one of the first to act in Great Britain's energy storage market back in 2016 and, in its capacity as investment manager of the internationally diversified Gore Street Energy Storage Fund (LSE: GSF), has a proven track record of acquiring and managing a large portfolio of energy storage assets across multiple OECD jurisdictions.

"We have developed a specialist platform offering the full range of technical expertise needed to successfully monetise energy storage assets throughout their lifetime, from acquisition and construction, asset management and commercialisation all the way through to decommissioning and recycling.

"We look forward to bringing this experience to Japan, alongside our partners at ITOCHU, to deploy the energy storage capacity needed to accelerate the country's clean energy transition to a low-carbon and sustainable future."

The new fund will aim to establish a new green financing model for investments in Japan's ;nascent utility-scale energy storage sector. GSC and ITOCHU will jointly manage the investment and technical decisions taken by the fund, creating the foundations for the country's future deployment of grid-level energy storage assets.

Several revenue streams are already in place nationally to support new energy storage, including access to Japan Electric Power Exchange (JEPX) – one of the most mature wholesale energy markets in the Asia–Pacific region – and grid balancing services.

New ancillary services are expected to launch in 2024 alongside a low-carbon capacity market allowing battery energy storage of three hours to participate in auctions scheduled for 2023 and 2024 and secure subsidies over a 20-year period.

Suminori Arima, chief investment officer at Gore Street Capital, said: "We are highly experienced in entering new markets as a first mover to help establish energy storage as crucial technology of the energy transition. The market conditions in Japan are poised to offer significant opportunities for those willing to take them.

"Through this collaboration with ITOCHU, we are excited to build on our experience and help shape the future of the Japanese energy storage sector."

Notes to Editors 

About Gore Street Capital

Gore Street Capital was formed in 2015 as a global platform to acquire and manage renewable energy solutions. As an experienced renewable energy, infrastructure, and private equity investment manager, it supports robust businesses and high-performing assets that contribute towards the transition to a low-carbon economy. ̷9; 

In 2018, Gore Street Capital created the UK energy storage investment class, listing Gore Street Energy Storage Fund (LSE: GSF) on the premium segment of the London Stock Exchange. As the Investment Manager of GSF, it has played a material impact in the growth of GSF from £30m to finance the acquisition of a 10 MW seed portfolio in Great Britain to a market cap of over £451m as of 30 June 2023.   

Gore Street Capital comprises a diverse team of 45 energy professionals in GB, Ireland and the US working across finance, construction, engineering, legal and more to support the construction and operation of energy storage systems around the world. It currently manages an energy storage portfolio of almost 1.2 GW spread across five uncorrelated energy markets, supported by a global supply chain. / / 0204 551 1382

Executive directors:

Alex O'Cinneide is CEO and Chair of the Investment Committee of Gore Street Capital, which he founded in 2015 as a global platform to facilitate the deployment of renewable energy solutions. Alex's career has included senior roles at KPMG, Quorum European Partners, Kleinwort Benson, Paladin Capital Group and utility-scale renewables developer Masdar Capital, where he served as Head of Investments and General Manager for six years. He holds academic qualifications from Trinity College Dublin, the London Business School and the London School of Economics and Political Science.

Suminori Arima is Chief Investment Officer and Chief Financial Officer of Gore Street Capital. He previously led renewable energy transactions as Managing Director of Kleinwort Benson and was responsible for private equity investment management for over $1bn of asset under management while serving as Managing Director of RHJ International/Ripplewood in Tokyo (parent company of Kleinwort Benson).  He has also worked in Debt Capital Markets at JP Morgan and prior to that, at McKinsey & Company.
Posted at 28/11/2023 14:18 by cocopah
The closure of the NAV to share price gap is welcome, however I foresee income pressures in the other markets too which will only intensify as more storage comes on-line. It will be interesting to see if the divi cover is over 1.0.

So the challenge is growth of producing assets to mitigate this pressure (and of course we know grid connection is not under GSFs control).

As long as the NAV stays above £1.14 the dividend will be 8p this year so the NAV value is a significant focus for me too.

Seminal year for GSF methinks!🤞🏻🤞 7995;
Posted at 31/10/2023 12:47 by someuwin
Couple of snippets from Shore Capital's comprehensive note on 26 October 2023

Gore Street Energy Storage +

Materially undervalued

Despite the share price falling c40% YTD, the portfolio continues to perform well, with GSF’s weighted average portfolio revenues averaging 3x the revenues achieved in GB (£18.9/MW/h vs £6/MW/h) in the quarter ending 30 September 2023. GSF also recently secured $60m funding for its 200MW/400MWh California project, which will benefit from a high level of long-term, contracted revenues (up to 40%).
The balance sheet remains strong, the portfolio well diversified and the operational capacity should more than double to 813MW by the end of 2024. Trading at a 43% discount to NAV and yielding 11%, we believe the current share price materially undervalues GSF’s fast-growing portfolio of cash generative assets that should reach an annualised revenue run-rate of c£100m by the end of CY24.

Valuation case:
Despite the shares declining 41% YTD, portfolio cash flows remain unaffected, and the portfolio build out continues to progress. We therefore recommend investors take advantage of the 43% discount to NAV to gain exposure to a highly attractive portfolio of assets in a sector uncorrelated to the business cycle, which is expected to grow significantly over the next decade as we transition to a grid dominated by renewables.

...We argue that GSF is exceptionally well placed to continue to capitalise on the opportunities provided by its internationally diverse portfolio to meet its return targets, whilst also reducing revenue volatility. Despite this international exposure enabling GSF to outperform peers in recent months, with portfolio cash flows largely unaffected by the decline in GB revenues and its superior balance sheet, the market has failed to recognise GSF’s outperformance, with the shares falling in line with GB focused peers.
We encourage investors to revisit the energy storage sector given its significant de-rating, with discounts exceeding 40%. We highlight GSF as our top picks thanks to its international strategy, strong balance sheet and excellent in-house expertise.
Posted at 31/10/2023 10:39 by timonoflondon
@ghhghh, I hold a lot of infra - 30+% of my portfolio, as I believe in the inflation linked income stream backed by real assets. One point re gilts/market valuation - there is a strong argument that pricing of the infa trusts in the UK is reflecting the decline in gilts /increase in discount rate, but hasn’t reflected the increase in income streams from inflation linked revenues. As an example, UKW paid a divi of 7.72p last year (2022) but following its update last week will pay 10p this year (2023) - 29.5% divi increase yoy ! UKW is best in class, but GSF (which doesn’t have inflation linkage I believe), which I also hold and am adding to has been increasing divis by 0.5p annually. BSIF and INPP are also examples of other infra trusts that have increased current year divi guidance in the last couple of months. Fwiw I’m buying GSF hand over fist at 12-13% yield.
Posted at 24/10/2023 06:13 by rik shaw
$60 Million Finance Facility for 200MW California Project

Gore Street Energy Storage Fund plc, the internationally diversified energy storage fund, is pleased to announce that Big Rock ESS Assets, LLC, GSF's 100% subsidiary and owner of the 200MW / 400MWh Big Rock project in California, has secured an initial $60m loan financing from First Citizens Bank. The loan will be used to fund the remaining capital costs of the Big Rock project, which, to date, has been funded with GSF equity. The loan allows GSF to allocate capital to other portfolio projects and to maintain its portfolio diversification standards. The loan is for an initial 3-year term and is expected to be refinanced with longer-term project finance once the project becomes operational.
Posted at 12/9/2023 11:19 by mister md
I know you are not supposed to catch a falling knife, but have purchased my first batch of GSF shares here at close to 80p. Dividend yield looks attractive as does long-term potential. Also it seems to have bounced off 80p recently. Buys are going through at prices close to the bid so showing as sells.
Posted at 08/9/2023 20:50 by cocopah
#Alan PT I’m not sure, however, as I have been saying the discount is so wide, either they need to instigate a share buyback or they need to convince the market that they will get the dividend cover above 1.0 next year ASAP.

Interesting article below:⬇ᥧ9;⬇️⬇️

Gore Street trading update fails to rerate shares ahead of continuation vote …

#GSF, the oldest battery fund points to benefits of its diversified portfolio and balance sheet management ahead of continuation vote on 21 September.

Battery fund Gore Street Energy Storage (GSF) has seen little rerating in its shares despite a quarterly trading update showing the benefits of its diversified portfolio and conservative balance sheet management. The trust faces a continuation vote on 21 September.

Over the three months to the end of June, the £396m trust saw a 0.4% gain in net asset value (NAV) to 116p per share, with a total return of 2.1% including the 2p dividend that remains uncovered by generated cash.

GSF highlighted the benefits of its diversified portfolio across Ireland, Texas, California and Germany, which generated £12.76 per megawatt hour (MW/hr), while UK assets generated £7.19 per MW/hr as the market continues to be oversaturated.

Shares in the oldest of the three battery funds climbed 0.7% to 83.4p this week, a 29% discount to the June NAV.

Other good news is that the delayed 79.9MW Stony asset near Milton Keynes is due online at the end of this month and the 50MW Scottish asset Ferrymuir should be energised at the end of November, five months behind schedule. This will bring the total operational capacity across four grids to 421.4MW.

Major valuation assumptions, inflation, revenue, estimated buildout capital expenditure and the discount rate, which remains 10.1%, were unchanged, the cost savings from which was the principal driver of returns.

‘The performance of our international assets, which on average generated 1.8 times revenue per MW/hr compared with the GB average during this reported period, and in July and August generated 4.4 times revenue per MW/hr compared with the GB average, reinforces our position as the leader among our peers and the broader sector,’ said Gore Street Capital’s Alex O’Cinneide.

The company’s 100MW Northern Irish assets, which are characterised as international and grouped with Ireland, were the top performers as high winds boosted energy generation from turbines that the batteries are linked to as ancillary assets.

A heatwave in early June provided a tailwind for pricing in the Texas market, which outperformed forecasts, while August revenues were the highest ever recorded.

Gore Street’s first project in California, the 200MW two-hour-duration Big Rock, is currently under construction and due to go online at the end of 2024. The required expenditure for its buildout over the next 18 months is estimated to be £190m, which management expects to be fully funded by existing equity and debt capacity.

Over the period, GSF continued to progress towards securing a bridge loan in the US, denominated in dollars, that will be secured against the asset.

The company remains well capitalised with £99m in cash or cash equivalent at period end. It has upsized its revolving credit facility to £50m.

The update made no mention of the upcoming continuation vote, triggered by GSF’s recent fifth anniversary. The Irish government-backed trust’s one-month shareholder returns are the worst in the broader renewable infrastructure sector.

Pietro Nicholls, manager of the RM Alternative Income fund, which invests in the trust, was positive ahead of the continuation vote, noting that GSF’s derating was down to it being less aggressive in its revenue curves versus its peers. He also didn’t think the ‘poison pill’ announced last December had made much impact.

‘With risk-free rates hovering at 5% for one- to two-year gilts, are you being rewarded for buying GSF? It’s paying the best part of a 9% dividend yield, which makes up for the lack of capital growth in the near term,’ he said. ‘I would rather take 300 basis points with strong potential for upside in a diversified company with decent liquidity than one focused on one particular power market.’

The fund is the largest individual fund shareholder, with 1.7% of the shareholder register, while the position makes up 4.4% of the £183m strategy. 

A former investor in sector peers Gresham House Energy Storage (GRID) and Harmony Energy Income (HEIT), Nicholls said he would like to see the board discuss share buybacks but remained confident that the continuation vote would pass.

The largest shareholders in the trust include Rathbones, EFG and Charles Stanley, which have respective stakes of 14%, 4% and 2.6%. The Irish government has a 2.4% stake, Refinitiv shows. 
Posted at 06/9/2023 13:09 by cocopah
The NAV update points to an 8p dividend next year which is good. I like the fact that forward guidance looks better for income too. A tad disappointed that Stoney and Ferrymuir will not be fully energised until the end of September and November respectively.

I do think the discount to NAV will remain until the dividend is fully covered. Trying to work out the latter is not easy from the updates we get however it looks as if dividend cover has slipped from 0.7 to 0.5 (dividends £9.6 million and cash generation £4.8 million).

I fully expect that the energisation of the above assets (coupled with the forward guidance of more income in H2) will close this gap (though whether it results in a dividend cover of 1.0 is up for debate). Based on this, I expect the discount to continue or even widen a touch in the short-term.

I see there has also been some trading income in Germany and this should provide more income in H2, especially if trading can be accomplished in other jurisdictions.

For me, this is a hold as I see both NAV and income increasing substantially over the next 2 to 3 years. There may be an opportunity to add into next years ISA with the share price still trading at a discount to NAV too!
Posted at 19/7/2023 07:59 by scruff1
Ill leave you to precis it!

Jamie Colvin
Alex O’Cinneide, manager of 8%-yielding Gore Street Energy Storage (GSF), has pledged to restore the battery fund’s dividend cover by the end of 2024 as projects come online in the UK and US, almost tripling its current operational capacity.

Filling in the gaps of a trading update earlier this month, annual results from Gore Street yesterday showed earnings from the operational portfolio covered the 7p per share dividend 0.9 times over in the year to the end of March.

Due to timing differences on when dividends were paid, at the fund level the payout was only 0.5 times covered.

The deterioration in dividend cover reflects the portfolio’s 75% weighting to construction and pre-construction assets which do not generate an income. The £150m raised from investors in April last year to fund the fund’s expansion also diluted cover with earnings spread across a large number of shares.

Getting its assets up and running is critical to reversing this. The fund’s operational assets total 291.6 megawatts across the UK, Ireland, Germany and Texas, with a further 522MW currently under construction in the UK, Texas and California. At the end of this month, the 79.9MW Stony asset in Milton Keynes will come online.

‘We’re focused on covering the dividend,’ O’Cinneide (pictured below) told Citywire. ‘We have a 6-18-month construction period from these assets. This is the really critical tipping point for the trust: we have good diversified income, the dividend is uncovered, but the progression is doubly positive. It is just about adding capacity, which is contracted and paid for.’

Alex O’Cinneide - Gore Street Partners
Including dividends, the company delivered an underlying 12.3% investment return over the year. Excluding these, net asset value (NAV) per share rose 5.9% to 115.6p.

The Gore Street portfolio is unique in that it offers a mix of one-hour, 90-minute and two-hour duration batteries outside the UK, while its larger rival Gresham House Energy Storage (GRID) recently raised funds to expand into the US and Harmony Energy Income (HEIT) remains UK-focused.

O’Cinneide said falling revenues in the UK had vindicated the move abroad, especially in the US with the attractive tax credits on offer through the giant Inflation Reduction Act.

Gore Street’s first project in California, the 200MW two-hour duration Big Rock, is currently under construction and due to go online at the end of 2024. The required expenditure for its buildout over the next 18 months is estimated to be £190m, which management expects to be fully funded by existing equity and debt capacity.

Several assets have faced delays connecting to the grid, such as 50MW Scottish asset Ferrymuir, which was due to connect in the second quarter. It is now forecast for September this year.

Gearing up
Shares in Gore Street trade on a 24% discount below NAV having de-rated more in the interest rate selloff than its two main rivals. While that precludes further share issuance, that’s not a problem as the fund sits on 22% of cash as a result of last year’s equity raise.

Indeed its plan is to use that cash and draw down on its debt facility which after the year end it increased from £15m to £50m. An accordion option to lift borrowing to a maximum of £230m or 30% of gross asset value (GAV) is also available if necessary, although the aim is to keep net debt below £150m or 21% of GAV over the 18 months.

‘Considering the prevailing cost of debt and the recent interest rate hikes, I believe this is the appropriate approach,’ said chairman Patrick Cox in his statement.

With so much in the pipeline, the company is hopeful shareholders will back it for another five years at its first continuation vote at the annual general meeting in September.

Poison pill
Last December, to ensure the fund was not taken from O’CinneideR17;s Gore Street Capital by a predator, the board agreed a takeover fee of up to 6% of NAV would be paid to the firm. This could net the investment team £33.5m in an acquisition but did not require the approval of shareholders, such as wealth managers Investec and Charles Stanley, and fund manager EFG.

O’Cinneide did not anticipate criticism of the move. ‘The shareholders had overall broad alignment with the board upon the benefits to the trust of giving comfort to the manager in continuing to invest in more functions to support growth and performance,’ he said.

Several analysts thought the current share price discount offered a compelling entry point in the Citywire award winner, with Liberum’s Shonil Chande retaining a target price of 113p as the shares traded at 90.4p.

Numis analyst Andrew Rees said a rerating of the shares depended on the successful and timely completion of the construction programme to convince investors the earnings would be there to support dividends.
Posted at 08/7/2023 05:25 by scruff1
Couldnt post the link so heres the article from City Wire

Gore Street Energy stresses its overseas spread as UK battery market ‘saturatedR17;
Full-year trading update sees the high-yielding energy storage fund emphasise international expansion, while questioning the merit of two-hour batteries in the UK.
Jamie Colvin
Shares in Gore Street Energy Storage (GSF) derated further on Thursday after the oldest battery fund failed to provide further clarity on its future earnings growth and dividend cover in a trading update.

Announcing the two-week energisation process of its 79.9 megawatt (MW) Stony asset in Milton Keynes beginning at the end of this month (which will bring the total operational portfolio to 371.5MW), the update made no mention of its 50MW Ferrymuir asset in Scotland, which was due to connect in the second quarter.

On a tough day for the UK stock market, the shares fell 4% from 93.6p to 89.8p, closing on a 22% discount to net asset value. Over five years the shares have generated a total return of 23%.

The £449m portfolio once again stressed the advantage of its international spread with assets in Ireland, Germany and the US, ‘which has proved fruitful since [GSF’s initial public offering] five years ago’ as the UK market has become saturated, leading to a decline in revenue, said Alex O’Cinneide, chief executive of investment manager Gore Street Capital.

He said GSF was currently benefiting from access to 19 revenue streams across four uncorrelated markets, with assets in the US states of Texas and California receiving a boost from the positive legislative environment set by the Inflation Reduction Act (IRA).

Under the IRA, a basic tax credit of 30% is available, and additional investment tax credits can be obtained based on specific requirements. Its assets Dogfish, Wichita Falls, and Mineral Wells (combined 95MW) all qualify for 40% ITC, provided that unemployment rates in these regions remain equal to or higher than the national average.

This additional 10% ITC adder has yet to be factored into the assets’ underwriting and represents a significant potential upside for shareholders.

Another positive in the US is the shorter timeline in getting construction assets energised while the UK faces increasing grid connection bottlenecks. Such is the attraction of the US that its larger rival Gresham House Energy Storage (GRID) recently raised £50m to fund its expansion to the Californian market.

GSF’s UK assets generated an average revenue of £7.62 per MW hour for the six-month period to June this year, beating the national average of £6.83 per MW/hr, according to data from battery storage specialist Modo Energy.

Its figures showed that two-hour-duration batteries in the UK generated on average just 7.6% more than GSF’s one-hour-duration portfolio, making the increased costs of building them not worthwhile.

Numis analyst Andrew Rees noted that the data reflects the lower intraday spreads in GB power prices in 2023 presenting less opportunity for longer duration assets to earn higher arbitrage, or trading, revenues, but disputed the fact that one-hour duration was ‘optimal’; as the capex requirement of a two-hour duration is less on a £/MWh basis than one-hour assets.

Stifel analyst Sachin Saggar said that he was more concerned about the potential for future revenues and that one-hour batteries will see flat to declining revenues from this already low point, with two-hour batteries having much greater potential to see revenues increase to attractive levels. He added that with equity markets closed, GSF would not be able to upgrade its one-hour assets to gain access to capture these revenues.

Both analysts are looking for annual results later this month to provide more information.

Liberum’s Joseph Pepper was more positive on the Citywire award winner. Having upgraded the 8%-yielder to ‘buy’ on a 113p price target last month, the analyst was pleased by GSF’s growing US exposure, reduced cash drag and increased discount rate to 10.1% from 8.3% to reflect the downward pressure on valuations from rising interest rates.

‘We now view the compelling discount to NAV as an attractive entry point with shares falling 16% year to date,’ Pepper said in a note to investors.

Performance since launch

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Source: Morningstar

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