Gore Street Energy Storage Fund: Finals - Realignment

Research evidence excerpt

Gore Street Energy Storage Fund: Finals - Realignment

s the near-term projections closer to recent

revenue performance. The GB, Germany and the Republic of Ireland/Northern Ireland curves

also saw some degree of downward adjustments, but the movements were over the medium-

to-long term rather than the near-end of the revenue curves. Elsewhere, GSF has started to

include forecast project-oversight costs within asset-level cash flows to reflect the potential

valuation used if the assets were sold to passive owners. As such, this likely represents the

majority of the negative impact from operating expense adjustments during the quarter.

Portfolio: GSF continues to make progress towards disposals, which is now a KPI outlined

in the latest strategy update (here). Here, the board continues to target £25m for FY27, and

'the sale of the German Cremzow asset is in late-stage negotiations, with multiple bidders having

submitted offers'. Further updates are expected later in the summer. The board has also

initiated processes for whole or partial sales of various pre-construction assets. Augmentation

works at Stony and Ferrymuir are on schedule, with 65% of total expected capex paid as of

the date of publication.

Operational performance: Average revenue was c.£64k/MW/year during the year, 23.4% lower

than in FY25. This is driven by weaker performance in GB and Texas. The impact from lower

average revenue was offset by the impact from higher operational capacity. The total revenue

was £36.3m, 10.5% higher than FY25. However, due to higher fixed costs related to the larger

operational portfolio, EBITDA declined by 2.7% to £18m.

Balance sheet: Total available cash was £51.6m as at 31/03/26. Including undrawn debt

capacity, total liquidity becomes c.£89.4m.