Gore Street Energy Storage Fund PLC on Monday said that it is confident of offering strong overall returns, as it upped its payout despite a fall in net asset value.

The investor in utility-scale energy storage projects said net asset value per share declined 7.4% to 107.0p as at March 31, its financial year-end, from 115.6p a year ago.

NAV total return for financial 2024 swung to negative 1.2% from positive 12.6%.

Gore Street upped its payout for financial 2024 by 7.1% to 7.5p from 7.0p a year ago.

Looking ahead, the company said that the 200 megawatt asset in California represented a step-change as it is extending its operational and geographical diversification.

‘Despite recent issues for our sector, I remain fully confident that this diversified approach will continue to deliver strong overall returns while contributing to the decarbonisation needed across the global energy system,’ Gore Street said.

Chair Pat Cox said: ‘I remain fully confident that this diversified approach will continue to deliver strong and sustainable returns to investors while contributing to the decarbonisation needed across the global energy system.’

Gore Street shares fell 7.1% to 63.40 pence each on Monday afternoon in London.

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