In addition to the declared 1.0 pence per share for the quarter ended 31 March 2025, once the proceeds from the sale of Big Rock Investment Tax Credits (ITCs) (which was signed on 11 July) are available to distribute, the the Gore Street board intends to declare a special dividend of an additional 3.0 pence per share. Under the terms of the agreement, Big Rock's proceeds have been structured to be monetised in tranches. Post-period, the Gore Street received 50% of the Big Rock's ITC, with the next 25% proceeds payable by the ITC buyer by September-end 2025 and with the last tranche payable by November-end 2025. Per the terms of the Big Rock Debt Facility, the first tranche will be used to reduce the debt facility from $90 million to $60 million and to fund reserves to cover the final settlement of Big Rock construction and acquisition costs.
Upon availability of the remaining proceeds, Gore Street intends to distribute 3.0 pence per share by way of special dividends in two equal instalments of 1.5 pence per share, to be paid by the end of the calendar year. Separate dividend announcements will be made in due course to confirm the record and payment dates.
Other financial highlights include:
The energised portfolio increased to 753.4 MW / 924 MWh (FY23/24: 421.4 MW / 392.1 MWh)
The portfolio generated £35.3m of revenue during the financial year; this amounted to £21.0m in operational EBITDA
NAV per ordinary share of 102.8 pence (4% drop from 31 March 2024: 107.0p) driven by updated third-party revenue curves, NAV Total Return for the period, including dividends paid, was 1.1
Average revenue for the year was £9.85 per MW/hr, equal to £86,000 per MW/yr
