Gore Street Energy Storage agrees exclusivity on further 131Mw of capacity

Gore Street Energy Storage Fund PLC (LON:GORE), the industrial battery investor, said it has added a further 131Mw of assets to its exclusive pipeline including 81Mw that are already in operation and generating cash.


The acquisition of the operational assets, which are based across Great Britain, is expected to be completed in mid-August, said the specialist investment trust.


The remainder of the exclusivity agreements is made up of a 50Mw project under development in Southern England.


Added to a 20Mw London asset under construction announced last week, Gore Street said it has exclusivity on 151Mw of assets out of a potential pipeline of 900Mw.


“All of these assets are anticipated to be acquired on competitive pricing terms and deliver returns in line with Gore Street’s targeted unlevered IRR of 10%,” it said.


Alex O’Cinneide, the trust’s adviser, added: “In addition to the recent announcement of the 50MW Ferrymuir acquisition, we are delighted to have secured exclusivity agreements for a further 131MW of attractive projects that will significantly add to the scale and diversity of the Gore Street portfolio.”

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