Gore Street buys 57-MW storage project in England, to raise fresh funds

Gore Street Energy Storage Fund plc (LON:GSF) today said it has acquired a 57-MW energy storage project in Leicester, England, which is ready to build and is expected to come online in 2023.

The deal means the London-listed energy storage fund now has 577 MW of operating or under-construction projects in the UK and Ireland.

The Leicester energy storage system will be connected to National Grid's main transmission network and will require an estimated capex of around GBP 22 million (USD 30.4m/EUR 25.8m) over the next 12 to 18 months.

The company said its financial resources are now substantially committed and launched a placing to raise up to GBP 72.6 million for further acquisitions. It will issue shares at GBP 1.07 apiece, a discount of 7.8% to the closing price on September 17 and a premium of 5.9% to the net asset value (NAV) as at June 30.

The fund said it has an overall pipeline of investment opportunities of over 1 GW/2.5 GWh. North America and Western Europe account for 2 GWh of this and 160 MWh are under exclusivity.

(GBP 1 = USD 1.380/EUR 1.171)

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