Gore Street Energy Storage to buy 200-MW project in England

Gore Street Energy Storage Fund Plc (LON:GSF) has entered into an agreement to acquire from Kona Energy a 200-MW energy storage project in North West England that is ready to launch the construction phase.

The London-listed energy storage fund said in a statement today that it is buying a project in Heysham that has all required land rights, grid connection and planning consent, and will be hooked to National Grid's main transmission network rather than the local grid. This is expected to happen no later than the final quarter of 2026.

The particular project is one of the largest ones in Europe and also GSF's largest acquisition to date. It expands the portfolio of the fund to 25 projects totalling 898 MW, located in the UK, Ireland, Germany and the US.

Alex O'Cinneide, CEO of investment manager Gore Street Capital Ltd, stated that the company continues to be very careful when selecting new acquisition targets and focuses on those with significant cost and revenue advantages.

"Additionally, the Company's portfolio now benefits from diversification across four high-growth markets, having recently entered the European and North American Markets. This strategy of avoiding country single risk is clearly of benefit to our shareholders given recent events,” O'Cinneide added.

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