Gore Street Energy fund agrees to acquire 51% stakes in a 160 MW energy storage portfolio

Gore Street Energy Storage Fund plc has agreed to acquire a 51% interest in a 160 MW portfolio of energy storage projects in Northern Ireland and the Republic of Ireland.

The fund needs about GBP77 million (US$98.1 million) to finance the acquisition, construction, and capital expenses. Gore Street has proposed to raise up to GBP50 million (US$63.7 million) via a share placing, subscription and intermediaries offer to bankroll the plan. Ireland’s National Treasury Management Agency (NTMA) has committed GBP5 million (US$6.35 million) as part of the placing, while the remaining GBP25 million (US$31.76 million) will be available for drawdown following the issue if certain conditions are met.

The targeted portfolio consists of two 50 MW projects in Northern Ireland, UK and two of 30 MW each in the Republic of Ireland. There is also an option to acquire another energy storage portfolio totaling 190 MW in Ireland, which will bring the total transaction to 350 MW.

Low Carbon, an energy investment company, will keep the remaining stakes in the portfolio.