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Ireland's National Treasury Management Agency (NTMA) has agreed to fund two 30 MW projects which secured six-year frequency services contracts in August from domestic utility EirGrid. The sovereign wealth fund will provide GBP9.5 million (US$11.7 million) for the energy storage facilites.
NTMA will now subscribe for new ordinary shares in Gore Street for a total investment equivalent to 40% of acquisition and construction costs of the storage projects.
The projects, located in Country Kildare and County Wexford, are expected to be fully operational by September 2021. Gore Street is set to continue the tender process on EPC, with plans for selection by Q1 2020.
