GSF purchases 200MW storage project

• The business got the 200MW asset in England from Kona Energy

Gore Street Energy Storage Fund has accepted get a 200MW construction-ready energy storage project in Heysham, North West England from Kona Energy.

The project is among the largest storage projects in Europe and also GSF's largest acquisition to date.

With this acquisition, GSF's portfolio will certainly contain 25 projects with a complete capacity of 898MW in operation as well as construction in the UK, Ireland, Germany and the US.

The project has protected all land civil liberties, grid connection as well as preparation authorization.

It will connect to National Grid's major transmission network rather than the regional circulation network, meaning it will operate separately from an intermediary circulation network operator. This will potentially open extra revenue possibilities while minimizing capex and operating expense.

This is GSF's second main transmission-connected site following the acquisition of the 57MW Enderby project in 2021.

Grid connection is expected to be no behind the fourth quarter of 2026; nonetheless, GSF's Investment Manager, Gore Street Capital, will certainly look for to speed up the connection date while maintaining an affordable EPC procurement procedure.

The final capex will certainly depend on the selection of the system duration. The project has the flexibility to release a storage system with a duration of up to two hrs. The project is expected to provide an unlevered IRR at least according to GSF's target return.

Alex O'Cinneide, Chief Executive Officer of Gore Street Capital, commented: "We are delighted by the firm's continued good development over the past year. Regardless of recent market volatility, the firm's functional fleet continues to yield higher-than-expected revenue across our markets.

" With the acquisition of this landmark 200MW transmission-connected project from Kona Energy, our largest acquisition yet, the business has further strengthened its leadership setting in the GB market.

" We are motivated that an asset of this scale will certainly benefit from being linked to the primary transmission network, providing appealing running price financial savings as well as potential extra revenue streams. We remain extremely careful on new acquisition opportunities focusing on those, such as this project, with considerable expense as well as revenue benefits."