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Gore Street Energy Storage Fund PLC on Thursday reported a decline in net asset value during its latest ‘landmark’ financial year, and acknowledged the requisitioning of a general meeting by a long-time shareholder. Shares in Gore Street Energy Storage Fund closed down 7.3% at 59.03 pence in London on Thursday. The London-based investor in utility-scale energy storage projects said net asset value total return in the year that ended March 31 was 1.1%, against a negative 1.2% return the year before. NAV per share at March 31 was 102.8 pence, down 3.9% from 107.0p a year prior. Operational earnings before interest, tax, depreciation and amortisation fell 26% to £21.0 million from £28.4 million. ‘This has been a landmark year for the company, defined by increased scale, delivery and innovation. We have more than doubled our operational portfolio capacity, reaching nearly 1 [gigawatt-hour] across five energy systems. We have secured $165 million in long-term contracted revenue and have strengthened the cash position with additional funding from two high-quality lenders and monetisation of all investment tax credits for the company’s recently energised US assets,’ said Alex O’Cinneide, chief executive officer of Gore Street Investment Management. ‘While listed markets may currently undervalue certain asset classes, private market demand for energy storage remains robust. Within the relatively small sub-sector of energy storage investment trusts, we have seen utilities, private funds, US pensions, and global banks, all seeking exposure to this asset class. Crucially, these investors are not only allocating capital but are doing so at valuations that support the underlying NAVs,’ O’Cinneide added. Gore Street Energy declared a total dividend of 5.5 pence per share for the year, down 27% on-year from 7.5p. Gore Street Energy also on Thursday acknowledged the requisitioning of a general meeting by RM Funds. RM Funds served notice for the meeting on Wednesday to propose changes to the composition of the Gore Street Energy’s board, following ‘sustained underperformance, a prolonged share price discount, and ongoing concerns regarding governance and strategic direction’. The long-term shareholder said it has been privately engaging with the board for more than six months, but said the board has rejected its most recent proposal, ‘leaving us no choice but to take this step’. RM Funds proposes the appointment of Brett Lance Miller and Ian Marcus Dixon as independent non-executive directors, who both have ‘considerable expertise in investment companies and infrastructure assets’. It proposes the removal of non-executive directors Patrick Cox and Caroline Janet Banszky. ‘Over the past three years, GSF’s share price has declined by more than 47% and continues to trade at a discount of approximately 37% to net asset value. RM Funds believes this persistent discount reflects the subscale nature of the company, the complexity and fragmentation of its geographically diverse portfolio, and illiquidity in its shares,’ RM Funds said on Wednesday. On Thursday, Gore Street Energy said it was verifying the validity of the requisition, and advises shareholders to take no action at this time. With regards to the company’s full-year results, CEO O’Cinneide continued: ‘As we look ahead, we remain focused on executing against our mandate, to scale intelligently, manage risk appropriately and ultimately deliver long-term value for shareholders.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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