Image: Gore Street.
Gore Street has acquired a further 131MW energy storage portfolio, including an operational portfolio of 81MW.
The portfolio has been secured under exclusivity, following a competitive process according to the energy storage fund. The cash generating operational assets, which are located across Great Britain, are still subject to completion of successful due diligence that should be completed in mid-August.
These acquisitions follow on from Gore Street’s purchase of a 50MW energy storage system in Scotland. The company acquired an 100% share of the Ferrymuir Energy Storage Limited project just last week (22 June), following a major investment from JXTG Nippon Oil & Energy Corporation – Japan’s largest petroleum company.
JXTG subscribed for £2.9 million in shares, becoming a new strategic investor. Gore Street also announced that it is proposing a new issue of Ordinary Shares at a price of 96.1 pence per share.
Alex O'Cinneide, CEO of Gore Street Capital, the company's investment adviser, said: "In addition to the recent announcement of the 50MW Ferrymuir acquisition, we are delighted to have secured exclusivity agreements for a further 131MW of attractive projects that will significantly add to the scale and diversity of the Gore Street portfolio."
The company now has 151MW currently under exclusivity, which forms part of Gore Street's 900MW pipeline. It said that all of the newly acquired assets are anticipated to be competitive on pricing, and deliver returns in line with its targeted unlevered IRR of 10%.
In February, Gore Street Energy Storage Fund raised gross proceeds of £3.5 million through a new placing of ordinary shares to help it expand its UK and international pipelines.