Gore Street Energy Storage Fund has secured a 131 MW project portfolio in the UK, it has announced. The portfolio includes 81 MW of operational assets in Great Britain and was secured under exclusivity following a competitive process, the fund manager said. It brings its asset pipeline to 900 MW. The portfolio also includes a 50 MW storage project under development in Southern England.
Gore Street did not reveal the seller or the terms of the deal. “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 per cent,” the company said in a statement.
In June Gore Street announced the acquisition of a 50 MW energy storage system in Scotland. The Ferrymuir Energy Storage Limited project has been acquired from a group of investors comprising Abbey Properties, Yoogen and Intelligent Land Investments. Located in Fife, the site has all land rights, grid connections and planning consent secured. Gore Street will arrange and manage construction of the system, with a scheduled operational date of 2022.
“In addition to the recent announcement of the 50 MW Ferrymuir acquisition, we are delighted to have secured exclusivity agreements for a further 131 MW of attractive projects that will significantly add to the scale and diversity of the Gore Street portfolio,” said Alex O'Cinneide, CEO of Gore Street Capital, the Company's investment adviser.