September 20 (Renewables Now) - Gore Street Energy Storage Fund plc (LON:GSF) has expanded its UK portfolio with the acquisition of 19 MW of energy storage projects, it announced on Thursday.
The fund, which in May closed а GBP-30.6 million (USD 40.4m/EUR 34.5m) initial public offering (IPO) in London, has purchased from Origami Energy two projects in Brentwood, Essex, and at the Port of Tilbury. The Lower Road scheme in Essex envisages the construction of a 10-MW font-of-the-meter energy storage facility, while the 9-MW facility at the Port of Tilbury will be developed as a behind-the meter project. Construction is slated to begin shortly.
The latest two additions already have in place all needed land rights, planning and other consents, as well as grid access rights. They have three diversified revenue stream contracts securing around a quarter of the first year of operation. Gore Street will bid in frequency services auctions in the UK for the remaining capacity. It expects to bring the batteries online in the second quarter of 2019.
The acquisition expands Gore Street’s portfolio in the UK to 29 MW. The fund has a seed portfolio of two operational assets in North Yorkshire and Wales, a combined capacity of 10 MW, using batteries by NEC Energy Solutions Inc and Tesla (NASDAQ:TSLA).
"[..] we are in negotiation with potential partners for a significant number of projects under exclusivity that we look forward to funding in due course," said Alex O'Cinneide, Gore Street Capital’s CEO, adding that he expects further positive progress in due course.
The company said in March it had a large identified pipeline of over 60 potential projects totalling about 1,340 MW.
(GBP 1.0 = USD 1.319/EUR 1.127)