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Gore Street reports rise in quarterly net asset value per share as assets grow
StockMarketWire.com
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Energy storage fund Gore Street reported a rise in net asset value per share for the quarter ended December 2020 amid an uptick in the performance of its assets.
As at 31 December 2020, the estimated unaudited net asset value increased 2.36% to 99.6 pence per share over the previous quarter.
'The increase in the latest quarterly NAV in respect of the period from 30 September 2020 to 31 December 2020, is attributable to both the strong performance of the company's GB assets and the increasing participation of the company's assets in the UK's new dynamic containment service introduced by the National Grid in September 2020,' the company said.
The company also declared an interim dividend of 2.0 pence per share for the period 1 October 2020 to 31 December 2020.
Gore Street also won a UK capacity market contract for three of the company's assets representing 59.5MW for the 12 months starting October 2021.
'The contract rate is £45,000/MW/year which is significantly higher than the £7,200/MW/year used in our NAV calculations. This represents £566,000 of additional contracted income from the original budget for the period from October 2021 and September 2022,' it added.
At 10:03am: (LON:GSF) Gore Street Energy Storage Fund Plc Ord Gbp0.01 share price was 0p at 108.5p
Story provided by StockMarketWire.com
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