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Gore Street Energy Storage Fund PLC - invests in utility-scale energy storage projects - Says it knows of no ‘portfolio-specific’ causes for recent share price decline. The stock is down 15% over the past three weeks. Gore Street says it is well-capitalised, with £75 million in cash at September 30, and is on track to increase its operational portfolio to 813.4 megawatts by the end of 2024. Says its portfolio is performing well, producing estimated weighted average revenue of £18.9 per megawatt hour in the last three months. Alex O’Cinneide, chief executive officer of investment manager Gore Street Capital, says: ‘Energy storage faces the same challenges as the rest of renewable infrastructure in a high-interest environment. It is important to recognise, however, that...We are successfully executing against the strategy laid out to investors and delivering on the commitments made, including those regarding dividend distributions.’ Current stock price: 70.00 pence, up 5.4% in London on Thursday 12-month change: down 33% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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