Tuesday, October 19, 2021

Leicester energy storage project acquired

Gore Street, the listed energy storage fund, has acquired a 57MW construction-ready energy storage project in Leicester.

With this acquisition, the company’s portfolio now consists of 577MW of operating or under construction projects in the UK and Ireland.

All land rights, grid connections and planning consents have already been secured for the Leicester project, which is currently scheduled to become operational in 2023.

The project will be connected to National Grid’s main transmission network rather than the local distribution network, which means that it will operate without an intermediary distribution network operator. This will reduce capex and operating costs and will be Gore Street’s first transmission connected site.

The expected total capex for the project is estimated to be £22m over the next 12 to 18 months.

Alex O’Cinneide, CEO of Gore Street Capital, the company’s investment manager, said: “This UK acquisition is a further significant development for the company, which offers opportunities for value creation as construction progresses and once operational, will be accretive to our income generating assets.

“This particular asset also benefits from being transmission connected providing attractive running cost savings which will provide an additional tailwind to our positive cash flow. This is another example of Gore Street’s preeminent position in the development of the energy storage market where we have continually been a first mover at scale to the benefit of our shareholders.

“The acquisition will take Gore Street’s portfolio to 577MW across the UK and the Republic of Ireland, the most geographically diverse energy storage portfolio available to a financial investor today. We are delighted to have won this important competitive acquisition due to our strong transactional track record and sector leading reputation.”

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