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Energy storage fund Gore Street Energy Storage Fund reported a rise in first-half profit as higher investment gains boosted performance.
For the six-month period to 30 September 2020, pre-tax profit rose to £2.86 million from £1.89 million year-on-year as net gain on investments increased to £3.69 million from £2.22 million.
Net asset value rose to £50.0 million in March 2020 to 75.0 million as at September 2020 as the total portfolio increased substantially to 239 megawatts from 189 MW.
'All operational assets continued to perform within expectations, delivering our steady source revenue for the company,' the company said.
The dividend declared for the interim period was 2.0 pence per share and the company said it was committed to delivering annual dividend in line with target of 7% of net asset value, or a minimum of 7.0 pence per share.
Looking ahead, Gore Street said it was well set to continue to grow at the same pace with about 1.3 GW in its pipeline of which 80 MW was expected to be executed in the near term.