Gore Street enters exclusivity for 131-MW storage buy in UK

Gore Street Energy Storage Fund plc (LON:GSF) today unveiled an exclusivity agreement for the acquisition of a 131-MW portfolio of energy storage assets in the UK.

The exclusivity was secured following a competitive process, the fund said in a bourse filing. The specific contracts cover an 81-MW portfolio of operational facilities across Great Britain as well as a 50-MW project that is under development in Southern England.

All assets are expected to be bought “on competitive pricing terms” and deliver returns in line with Gore Street’s targeted unlevered internal rate of return (IRR) of 10%. The fund added that the purchase of the “cash-generating” systems depends on the successful completion of due diligence and is anticipated to close by the middle of August.

The latest agreements bring Gore Street's portfolio of assets currently under exclusivity to 151 MW. Last week, it struck a deal to buy a 50-MW energy storage project in Scotland, which is due to start operation in 2022.

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