Gore Street lays plan for acquisition of 51% in energy storage portfolio

Author: Portland General Electric. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

June 5 (Renewables Now) - Gore Street Energy Storage Fund plc (LON: GSF) said Wednesday it has agreed to acquire a 51% interest in a 160-MW portfolio of energy storage projects in Northern Ireland and the Republic of Ireland.

Energy investment company Low Carbon, will keep a stake of 49%.

The fund will need some GBP 77 million (USD 98.1m/EUR 86.8m) to finance the acquisition, construction and capital expenses. In order to bankroll the plan, Gore Street has proposed to raise up to GBP 50 million via a share placing, subscription and intermediaries offer.

Ireland’s National Treasury Management Agency (NTMA) has committed to invest up to GBP 30 million following an agreement with Gore Street. Of this amount, GBP 5 million will be part of the placing, while the remaining GBP 25 million will be available for drawdown following the issue if certain conditions are met. The NTMA’s investment will depend, among other things, on Gore Street raising at least GBP 15 million in the issue, excluding the agency’s own subscription. A shareholder of the fund, NEC Energy Solutions, has expressed intentions to subscribe for GBP 1 million, Gore Street said.

The targeted portfolio consists of two 50-MW projects in Northern Ireland and two of 30 MW each in the Republic of Ireland. There is also an option to acquire another energy storage portfolio totalling 190 MW in Ireland, which will bring the total transaction to 350 MW.

(GBP 1.0 = USD 1.27/EUR 1.13)

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