Overview
Gore Street Energy Storage Fund is the first UK pure play energy storage fund, targeting a 7% yield. At launch, the fund had two operational assets in the portfolio and both with multiple revenue streams in place.
As the the company’s website explains:
- Problem: The global power grid is extremely constrained with unstable system frequency, high peak demand gaps, thermal and voltage constraints and unpredictable load and generation cycles.
- Solution: Energy storage facilities, utilising battery technology, help system operators maintain stable grid frequency and manage local peak demands.
- Impact: Increased use of renewable energy, decreased further investment in the grid, replace existing power generation – faster transition to a low-carbon sustainable economy
With the growing demand for energy worldwide, the market for energy storage has witnessed a boom in recent years. Devices that can store energy for using at a later time have developed rapidly to meet the rising requirements for energy. Companies and governments worldwide are facilitating the growth of energy storage devices due to their capability of storing electricity more effectively and efficiently.
Increased penetration of low-carbon technologies, distributed generation and greater intermittency in the energy mix are causing higher peak demands gap, thermal and voltage constraints and less predictable load and generation cycles are all creating the need for a solution that provides stability and reliability to fluctuating energy supply. Energy storage is the complementary technology that works alongside renewables to meet these challenges.
GSF : Gore Street Energy Storage Fund
Fundamentals
Price
Research History
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19 Jun 2020 2 min read
QuotedData’s weekly roundup 19 June 2020
James Carthew’s weekly news roundup show for Friday, 19 June, covers investing in batteries, Tritax Big Box REIT’s new shed for Amazon, the potential demise of Gabelli Value Plus+ (we always hated the ‘+’), why Lindsell Train’s managers should have taken the performance fee that they earned and European Opportunities big loss on Wirecard. It also […]
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24 Jan 2020 28 min read
QuotedData’s Investment Companies Annual Review – 2019
In this issue The sector at the end of 2019 Performance data Performance by sector and fund Money in and out of the sector Money in and out of existing funds Money coming into existing funds Money going out of existing funds Liquidations, de-listings and trading cancellations Significant rating changes Major news stories Outlook for […]
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10 Jan 2020 10 min read
QuotedData’s economic roundup – January 2020
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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05 Jul 2019 8 min read
QuotedData’s economic roundup – July 2019
Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the […]
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4 min read
QuotedData’s investment companies roundup – July 2019
Investment Companies Roundup New research Over June, we published notes on CQS Natural Resources Growth and Income, Standard Life Private Equity and Shires Income. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – there was a greater appetite for risk in June as […]
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07 Jun 2019 4 min read
QuotedData’s investment companies roundup – June 2019
Investment Companies Roundup New research Over May, we published notes on Shires Income, Standard Life Private Equity and The North American Income Trust. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – it was notable that risk appetite was down in May as renewed […]
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16 Oct 2018 2 min read
Quarterly Investment Companies Roundup – Third Quarter 2018
Quarterly Investment Companies Roundup – Third Quarter 2018 Global equities delivered positive returns over the third quarter of 2018. This was principally because of strength in the US market. Political uncertainty and concerns about global trade held back other regions. Generally, government bond yields rose over the quarter. The UK equity market fell as the Bank of […]
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12 Oct 2018 1 min read
QuotedData’s investment companies roundup – October 2018
QuotedData’s investment companies roundup – October 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in September Trian Investors 1 is a new fund that will adopt […]
News
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03 Mar 2021 2 min read
QuotedData’s morning briefing 3 March 2021
In QuotedData’s morning briefing 3 March 2021 – Sequoia Economic Infrastructure Income (SEQI), the specialist investor in economic infrastructure debt, raised £110m in a placing. A total of 104,513,064 new ordinary shares will be issued at a price of 105.25 pence per share. Steve Cook, head of portfolio management at Sequoia Investment Management Company (SEQI’s manager), said: “We […]
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18 Dec 2020 3 min read
QuotedData’s morning briefing 18 December 2020
In QuotedData’s morning briefing 18 December 2020: Ecofin U.S. Renewables Infrastructure Trust has announced that its IPO has raised gross proceeds of $125 million. Commitments under the Placing and applications under the Offer for Subscription have been satisfied in full at the Issue Price of $1.00 per Ordinary Share. It is expected that Admission will become […]
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30 Nov 2020 2 min read
QuotedData’s morning briefing 30 November 2020
In QuotedData’s morning briefing 30 November 2020: The Renewables Infrastructure Group raised £200m from its placing last week, and plans to issue 160m shares. The issue was oversubscribed. Technically, it might still not happen as the issue was done on the expectation that shareholders approve the issue of these shares at an EGM to be held […]
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24 Nov 2020 1 min read
QuotedData’s morning briefing 24 November 2020
In QuotedData’s morning briefing 24 November 2020: Gore Street Energy Storage says its Drumkee project, a 50MW installed capacity project located in Northern Ireland, has been energised on schedule. Drumkee is now the largest energy storage project in Ireland. Mullavilly, Gore Street’s second 50MW Northern Irish project, is expected to be energised in December. Both Drumkee and […]
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18 Nov 2020 2 min read
Gore Street Energy Storage looks to grow to take on 1.3GW pipeline
Gore Street Energy Storage (GSF) will hold a general meeting on 7 December 2020 in lieu of a new share issuance programme, designed to capitalise on a pipeline of opportunities, which have a total project size of 1.3GW. GSF intends to significantly increase the size of its portfolio under the context of continued growth in demand for […]
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17 Nov 2020 2 min read
QuotedData’s morning briefing 17 November 2020
In QuotedData’s morning briefing 17 November 2020: BBGI Global Infrastructure has announced a placing of up to £55m worth of shares at a price between 164p and 172p. the money wil be used to help pay for a 25% stake in Signature on the Saint-Lawrence Group, the operator of the Samuel De Champlain Bridge Corridor in Montreal, […]
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24 Sep 2020 1 min read
QuotedData’s morning briefing 24 September 2020
In QuotedData’s morning briefing 24 September 2020 Good progress with the construction of Gore Street Energy Storage’s Irish assets has helped deliver a 1.6p increase in the fund’s NAV over the second quarter of 2020 to 96.2p. An interim dividend of 2p has been declared, making 7p in total for the year ending 31 March 2020. […]
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20 Jul 2020 2 min read
Gore Street Energy Storage to benefit from legislation change that could see grid projects triple
Gore Street Energy Storage (GSF) expects to benefit from a recent legislation change to allow larger energy storage projects, above 50 MW in England and 350 MW in Wales. ‘Number of battery storage projects on the grid could triple’ In a statement this morning, GSF said: “The new legislation removes energy storage, except pumped hydro, from […]
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16 Jul 2020 2 min read
Gore Street on track for further growth
Gore Street on track for further growth – Gore Street Energy Storage has announced results for the year ended 31 March 2020. The NAV total return for the period was 10.6% and the NAV finished the year at 94.6p. Shareholders saw a total return of 15.2% as the share price rose further than the NAV to […]
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07 Jul 2020 2 min read
QuotedData’s morning briefing 7 July 2020
In QuotedData’s morning briefing 7 July 2020: Gore Street Energy Storage raised £23.7m by issuing 24,627,365 new ordinary shares at 96.1p. 3m of those went to JXTG Nippon Oil & Energy Corporation Gresham House Energy Storage is issuing £15m of bonds (which it is calling GRID Power Bonds) with a coupon of 5%. This is the first issue […]
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02 Jul 2020 2 min read
QuotedData’s morning briefing 2 July 2020
In QuotedData’s morning briefing 2 July 2020: Schroder Oriental Income Fund says that shareholders overwhelmingly approved a resolution to shift the fund’s tax domicile from Guernsey to the UK. 99.78% of those voting approved the measure. The company should soon become a UK investment trust. Under fire Gabelli Value Plus+ reported a 25% fall in NAV […]
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29 Jun 2020 1 min read
QuotedData’s morning briefing 29 June 2020
Gore Street Energy Storage (GSF) announced that it had secured a further 131MW portfolio under exclusivity, including 81MW of cash generating operational assets. The operational assets, have an anticipated closing of mid-August, subject to the completion of due diligence. The 131MW portfolio of assets under exclusivity announced today is in addition to the 20MW London asset […]
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26 Jun 2020 4 min read
Battery chicken
Why I should get off the fence and pay up for Gore Street Energy Storage by QuotedData’s James Carthew. This week, I caught up with the manager of Gore Street Energy Storage, which gave me the opportunity to pose some of the questions I raised in last weeks’ news show about the future of the […]
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22 Jun 2020 2 min read
Gore Street Energy Storage announces 50MW Scotland project
Gore Street Energy Storage (GSF) has announced that it has reached an agreement to acquire 100% interest in Ferrymuir Energy Storage, a 50MW energy storage project. Project takes GSF’s total portfolio size to 239MW The project has been acquired from a group of investors comprising Abbey Properties, Yoogen and Intelligent Land Investments, consists of a 50MW […]
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19 Jun 2020 4 min read
Gore Street Energy Storage announces placing and PrimaryBid offer
Gore Street Energy Storage Fund (GSF) has announced that JXTG Nippon Oil & Energy Corporation of Japan has subscribed for £2,883,000 (before expenses) of its shares in a direct subscription. In tandem with this, the company has also separately announced a retail offer that it to be conducted through the PrimaryBid platform, as well as […]
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12 May 2020 2 min read
QuotedData’s morning briefing 12 May 2020
In QuotedData’s morning briefing 12 May 2020: Gore Street Energy Storage says that construction work on its two 50MW battery projects in Northern Ireland has restarted (subject to social distancing measures). Construction is scheduled to be completed in December 2020, allowing sufficient time to complete necessary asset testing before the assets go online. the DS3 contracts […]
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17 Apr 2020 2 min read
Power plays
Gresham House Energy Storage (GRID) announced that it had invested in a new 50MW battery storage project in Suffolk this week. This takes its portfolio to 274MW in total. GRID is one of two listed companies investing in this area, the other being Gore Street Energy Storage (GSF). GRID is quite a bit bigger than […]
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01 Apr 2020 3 min read
Gore Street Energy Storage says covid-19 impact limited so far and reaffirms dividend target
Gore Street Energy Storage (GSF) announced 1.) the completion of construction of one of its many international projects, 2:) what it says has been a limited impact of covid-19 on operations and 3.) confirmation of its commitment to the annual dividend. Further Operational Asset Lower Road, a 10MW capacity front of the meter project in Essex […]
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28 Feb 2020 1 min read
QuotedData’s other news 28 February 2020
In QuotedData’s other news 28 February 2020: Aberdeen Standard European Logistics has announced a 4% increase in its NAV (in euro terms) which translates into a small fall in its sterling NAV as the pound strengthened following the election. The NAV moved from €1.07 to €1.11 and 94.95p to 94.21p. The company continues to pay quarterly […]
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05 Feb 2020 1 min read
QuotedData’s other news 5 February 2020
In QuotedData’s other news 5 February 2020 – Gore Street Energy Storage (GSF) has raised £3.5m in a share placing. Proceeds will be used to fund investment opportunities from energy storage projects in the UK and internationally. Primary Health Properties (PHP) announced that it has contracted with a developer to fund the development and acquisition of a purpose-built […]
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04 Feb 2020 1 min read
QuotedData’s other news 4 February 2020
In QuotedData’s other news 4 February 2020 Gore Street Energy Storage is raising money – £1.5m has been promised by two specialist ESG funds and they are subscribing for shares at 95.5p (the last published NAV). The fund is asking other professional investors whether they want to buy shares at the same time. The money will […]
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29 Jan 2020 2 min read
Renewable energy funds under attack from brokers
Renewable energy funds under attack from brokers – Shares in many renewable energy funds slumped yesterday as first Chris Brown of JPMorgan and then Matthew Hose of Jefferies said they were overvalued. Their analysis (which we can’t show you and you can’t get hold of unless you work for a large investment firm and pay […]
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10 Jan 2020 1 min read
QuotedData’s other news 10 January 2020
In QuotedData’s other news 10 January 2020 Ground Rents Income Fund has refinanced its debt, reducing its overall interest cost from 3.37% to 2.76%, increasing the loan to value covenant on its debt from 40% to 45% (giving it more headroom to borrow if it chooses – the current loan to value ratio is 24%) and […]
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12 Dec 2019 1 min read
QuotedData’s other news 12 December 2019
In QuotedData’s other news 12 December 2019 Polar Capital Technology crept closer to the £2bn mark as its NAV grew by 2% over the six months ended 31 October 2019. The benchmark index was a little stronger over this period (up 4%) as very large tech companies (where PCT is underweight) drove the index higher. Gore […]
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18 Oct 2019 1 min read
QuotedData’s other news 18 October 2019
In QuotedData’s other news 18 October 2019 Gore Street Energy Storage says its 9.0MW storage project at the Port of Tilbury is now operational. The behind-the-meter energy storage project benefits from a diversity of income sources including Triad revenues, a secured Fast Frequency Response (FFR) contract and a capacity market contract. It is using batteries from […]
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17 Oct 2019 1 min read
QuotedData’s other news 17 October 2019
In QuotedData’s other news 17 October 2019 Gore Street has expanded by £10.7m after raising an additional £9.5m from the NTMA and £1.2m from other investors. Hipgnosis Songs Fund raised £231m from its C share issue – that’s a lot of money but also quite a bit short of the £300m it said it was looking […]
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04 Oct 2019 2 min read
Gore Street gets more Irish money
Gore Street gets more Irish money – Gore Street Energy Storage says it has been successful in its first applications to manage energy storage projects in the Republic of Ireland. Under the terms of its agreement with the National Treasury Management Agency (NTMA), it will be able to draw down an additional £9.5m in funding […]
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05 Aug 2019 1 min read
QuotedData’s other news 5 August 2019
In QuotedData’s other news 5 August 2019 Chenavari Toro’s tender offer for 5% of its shares was not taken up in full – just 2.9% of shares were tendered validly – the company will shrink by just under €8m. Foresight Solar has refinanced 312MW of solar farms with a GBP170 million term loan facility, a GBP65 […]
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01 Aug 2019 1 min read
QuotedData’s other news 1 August 2019
In QuotedData’s other news 1 August 2019 GCP Student Living is planning to dip into its debt facilities to fund the acquisition of the 412-bed Scape Mile End Canalside. Its LTV ratio could move into the mid 30s per cent. level. Fidelity Japan was 7.6% ahead of its benchmark at the half-year stage (up 14.8%). The […]
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05 Jun 2019 3 min read
Gore Street fundraise backed by NTMA
Gore Street fundraise backed by NTMA – Gore Street Energy Storage Fund has entered into agreements to acquire a controlling interest in a 160 MW portfolio of projects in Northern Ireland and the Republic of Ireland. To fund these and a further pipeline of deals, the company plans, by way of an institutional placing, offer for […]
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21 Nov 2018 2 min read
Gore Street Energy Storage reports contracts secured
Gore Street Energy Storage reports contracts secured- Gore Street Energy Storage (GSF) has announced that they have secured a Engineering, Procurement and Construction contract for their two most recent UK energy storage projects. The provider is NEC Energy Solutions with support from Nippon Koei-strategic partners and cornerstone investors. As previously announced (read more here) the […]
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19 Nov 2018 4 min read
ECJ ruling hits battery storage funds
ECJ ruling hits battery storage funds – Gore Street Energy Storage and Gresham House Energy Storage comment on ruling The European Court of Justice (ECJ) has ruled that the UK’s capacity market mechanism (which enables generators and battery projects to bid for contracts to provide back-up power to the grid during times of peak demand) […]
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20 Sep 2018 3 min read
Gore Street makes two further energy storage investments
Gore Street makes its two further energy storage investments- Gore Street Energy Storage Fund (GSF) has announce the acquisition of two additional UK energy storage projects with a combined installed capacity of 19 MW. This is Gore Street’s first investment following the acquisition of the two seed assets in June 2018 and the successful IPO of the fund on 25 May […]
Upcoming Events
In The Press
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13 Jun 2019 2 min read
Investment Trust Insider on Gore Street Energy Storage
Investment Trust Insider on Gore Street Energy Storage – James Carthew: Irish deal throws Gore Street Energy a lifeline The minnow of the renewable energy sector, Gore Street Energy Storage Fund (GSF), has plans to expand. It has secured the backing of Ireland’s National Treasury Management Agency, which, subject to certain conditions being fulfilled, will stump […]
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15 Jan 2019 1 min read
Investment Trust Insider update on battery storage
Investment Trust Insider update on battery storage – James Carthew: battery funds back renewables revolution A few weeks ago I looked at Gresham House Strategic (GHS). This week, it is the turn of Gresham House Energy Storage (GRID), a £100 million new issue in 2018 and the second energy storage fund to list after Gore Street Energy […]
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20 Dec 2018 1 min read
2018 new issue review
2018 new issue review – QuotedData’s James Carthew talks to Citywire’s Jen Hill about 2018’s clutch of new issues Investors were given an eclectic mix of opportunities within alternatives, in contrast to recent years when high-yielding propositions drove the vast majority of launches. The return of private equity and private equity like strategies – Augmentum […]