RES offloads 80MW storage space to Gore Street

• Construction-ready energy storage project in Milton Keynes in England is slated to go live by Q1 2023

RES has finished the sale of an 80MW power storage project in the UK to Gore Street.

The construction-ready energy storage project is located in Milton Keynes, England and also has a predicted complete capital expenditure of ₤ 30m spread over the following 12 to 15 months.

The project is arranged to become functional in Q1 2023, though Gore Street is checking out means to possibly bring this target onward.

At 80MW, the battery will certainly be among the solitary largest energy storage possessions in the UK.

Gore Street stated it has also become part of exclusivity on over 300MW of possessions which are currently subject to due persistance as well as are expected to close in the coming months.

These projects are with "leading designers as well as existing chances for obtaining possessions at highly competitive prices".

Gore Street claimed capital expenditure would be startled over a 12-to-18-month duration and hinge on specific landmarks being achieved.

In total amount, the Company currently has over 1GW in its pipe throughout the UK, Europe and also The United States And Canada.

Alex O'Cinneide, CEO of Gore Street Capital, claimed: "We are very pleased to announce the purchase of this exceptionally premium 80MW building prepared project in the UK, which adds one of the UK's biggest possessions prepared for development to our leading portfolio of power storage space properties.

" At 520MW this is the biggest portfolio available to a financial investor and also one which has the youngest portfolio of possessions, as well as most affordable acquisition background in the market.

" This most recent project once again highlights the strength of our administration group in being able to determine and protect exclusivity on essential facilities possessions at exceptionally affordable pricing, through our energetic property management technique."