UK battery storage investor Gore Street's net income for the 2021-22 financial year rose 191% to March 31, 2022, while its operating portfolio's earnings before interest, tax, depreciation and amortization (EBITDA) surged 704% .
The company's revenue rose to £42.5 million in the last financial year from £14.6 million to 31 March 2021, and its EBITDA income rose to £23.3 million from £2.9 million.
Gore Street's operating portfolio has grown during this period, from 380MW in March 2021 to 628.54MW as at March 31, 2022. There were 12 energy storage projects generating revenue last year with a combined installed capacity of 231.7MW, just one more energy storage project than in 2021. The installed capacity of energy storage projects purchased and deployed in the previous year was 209.7MW.
Rapid expansion is expected to continue in the coming year, with 37% of Gore Street's portfolio in operation and 63% in the construction/pre-construction stage.
The company said revenue from all of its operating assets was strong, with average revenue from its UK energy storage assets more than 68% above the average for fiscal 2021 and 18.3% above its internal forecast for the period.
In the 2021-2022 fiscal year, Gore Street completed its first acquisition in continental Europe, acquiring 22MW of storage assets in Germany and two storage assets in the UK: the Stony battery storage system (79.9MW) ) and Enderby battery storage system (57MW).
In addition, the company has scaled up an energy storage asset acquired in the Republic of Ireland and added 90MW of battery storage to its Kilmannock project. This will bring the company's total portfolio size in Ireland to 210MW, in addition to adding 50MW to its Porterstown battery storage asset.
Gore Street continues to expand its portfolio, including the acquisition of a portfolio of eight energy storage assets in Texas, its first acquisition in the United States. It is currently reviewing a range of opportunities in the UK, Ireland, Western Europe, North America and Australia, totalling around 1.7GW or 3.6GWh.
During the 2021-22 financial year, Gore Street raised £208.6 million through two oversubscriptions, increasing its issued share capital from 143.9 million to 345.0 million.
Gore Street's net asset value (NAV) rose 154% to £369.6 million from £145.1 million in the previous year. Its net asset value per share rose 6% to 107.1p from 100.pence, bringing its total return on net asset value to 13%.
Since March 31, 2021, the company has posted a total return of 11%.
