UK-based Gore Street Energy Storage Fund PLC has bolstered its Irish asset portfolio through agreements with renewable developer Low Carbon. The energy storage fund announced today that it has acquired the remaining 49% stake in two of its existing Irish projects from Low Carbon.
The acquisitions include the 90-MW Porterstown site, which comprises 30 MW of operational capacity and an additional 60 MW under construction, as well as the 120-MW Kilmannock construction asset.
In addition, Gore Street Energy has exercised its option with Low Carbon to purchase a 51% stake in the 75-MW Project Mucklagh pre-construction energy storage project in Ireland. This move aligns with the fund's strategy to capitalize on the lucrative Irish market. Project Mucklagh is anticipated to become operational in 2028.
To finance these acquisitions, Gore Street Energy issued 9.7 million new ordinary shares at GBP 1.11 per share, in addition to cash consideration.
Pat Cox, Chair of the Board, highlighted the diverse range of entities now invested in the company, including wealth managers, institutional and retail investors, and strategic corporations like Nidec, which furthered its relationship with the company in December.
With these acquisitions, Gore Street Energy's Irish asset portfolio now stands at 385 MW, with 130 MW already operational. The fund's overall portfolio comprises 28 projects, representing 1,248.2 MW of operational and construction capacity across Great Britain, Ireland, Germany, Texas, and California.
