Gore Street Energy Storage Fund PLC on Wednesday said its revenue was stable in its third financial quarter.
The investor in utility-scale energy storage projects said in the three months to December 31, its consolidated portfolio generated an estimated £15.1 per megawatt per hour, unchanged from the six months to September 30.
It added that operational capacity increased by 27% during the third quarter, to 372 megawatt, after the 79.9 megawatt Stony asset became commercially operational. ‘The company remains on target to achieve an operational portfolio exceeding 800 MW by the end of 2024,’ it said.
Looking ahead, Gore Street Energy said: ‘The company continues to observe favourable market trends, particularly across the US, Irish and mainland European markets and has positioned itself for sustained growth in the energy storage markets globally. The demand for flexibility services, provided by assets like those of the company, remains robust.’
Chief Executive Officer Alex O’Cinneide said: ‘Looking ahead, we anticipate the company’s most pivotal year yet with operational capacity scheduled to expand to over 800 MW, including 200 MW coming online in the company’s fifth market to date; potential capital recycling; and a strengthening dividend cover from a diverse source of revenue streams. The company is poised for significant growth and we look forward to updating the market regularly as these plans progress.’
Gore Street Energy shares were 0.4% lower at 83.07 pence each on Wednesday afternoon in London.
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