Gore Street Energy Storage Fund announces 19 MW acquisition

Gore Street, London's first listed energy storage fund investing in income producing assets in the UK and internationally, has announced the acquisition of two additional UK energy storage projects with a combined installed capacity of 19 MW.

This is Gore Street's first investment following the acquisition of the two seed assets in June 2018 and the successful IPO of the fund on 25 May 2018.  With this acquisition the Gore Street portfolio now consists of four assets with a total 29 MW capacity. With a deep pipeline of assets in or nearing exclusivity, Gore Street is well positioned to lead in this market.

The two projects are located at Lower Road in Brentwood, Essex and at the Port of Tilbury in London. Lower Road will be a 10 MW "front of the meter" project and Port of Tilbury will be a 9 MW "behind the meter" project co-located with London's Port of Tilbury industrial port facility.

Both projects were acquired from Origami Energy and are 100% owned by Gore Street. They have in place all land rights, planning and other consents and grid access rights necessary to start construction and enter operations.

The projects will benefit from three diversified revenue stream contracts including services to the capacity market, participating in TRIADs and providing dynamic firm frequency response services to the National Grid. These contracts account for around a quarter of its first year aggregate project capacity.

The latest auctions for frequency services are dominated by one and six month contracts and so the company will be bidding for multiple contracts for the additional three quarters, to maintain the projects at full utilisation once commissioned. Once operational these assets will use Origami Energy's technology platform.  

Gore Street has agreed pricing terms for the battery systems for the projects and is in advanced negotiations to finalise legal documentation for battery procurement and engineering, procurement and construction contractual arrangements.  Construction will commence shortly and the projects will be operational in Q2 2019.

Following finalisation of capital procurement and execution of the engineering, procurement and construction contract the fund will be over 50% committed.