Gore Street Energy Storage Fund has secured an additional 385MW of Irish-based energy storage, of which 130MW is operational.
The international energy storage fund secured this extra capacity by acquiring the remaining 49% stake in two of its existing Irish projects. It has also secured a 51% stake in Project Mucklagh, a 75MW asset in the Republic of Ireland, from renewable developer Low Carbon.
Gore Street has also secured the remaining stake in its Irish assets, including Porterstown, a 90MW asset, and Kilmannock, a 120MW construction asset.
Following these acquisitions, the Gore Street Energy Storage Fund’s portfolio will comprise 28 projects, with a total capacity of 1,248.2MW of operational and construction assets across Great Britain, Ireland, Germany, Texas and California.
Ireland has been singled out as “a consistently lucrative market for the company”.
It is worth noting that Gore Street also has a 51% stake in Low Carbon’s 100MW combined Mullavilly and Drumkee projects in Northern Ireland, alongside its 49% stake in Mucklagh.
Alex O’Cinneide, CEO of Gore Street Capital Limited, the company’s investment manager, commented: “The benefits of the multi-year agreement with Low Carbon have now entered a new stage for the company as it extends ownership over operational projects in the Republic of Ireland while adding more capacity from Low Carbon’s development pipeline.
“The capacity covered by the latest agreement joins a well-balanced portfolio with access to a diversified revenue base that is key to the company’s continued growth, alongside considerably low borrowing and healthy balance sheet. We are constantly evaluating the company’s exposure to the markets in which it operates to ensure the portfolio is correctly positioned and optimised to deliver best value for investors. As we build out more capacity in the coming 12 months and beyond, the value of this approach will continue to be demonstrated.”
Gore Street’s diversified portfolio mitigates storage revenue woes
In early March, Gore Street confirmed that its GB portfolio achieved an estimated 15% of total revenue during Q4 2023. The company’s consolidated portfolio generated an estimated average of £15.12/MWh during the company’s third financial quarter.
According to Gore Street, the company’s internationally diversified portfolio enabled the company to mitigate some of the woes being witnessed in the GB battery energy storage system (BESS) market, something it highlighted as being worrisome in early February.
Both Harmony Energy Income Trust and Gresham House Energy Storage Fund also expressed concerns over the low revenues many across the GB BESS market are subject to earlier this year. This has primarily been due to assets needing to participate in balancing the GB grid or replacing gas-fired generation.