Published: 8 Mar 2021, 10:26
Image: Gore Street Energy Storage Fund.
Gore Street Energy Storage Fund’s two 50MW battery assets in Northern Ireland are in the final stages of construction and testing, the company announced.
Both are expected to start providing DS3 services from 1 April, and remain both on time and in budget. These assets form part of the 160MW portfolio of Irish storage that Gore Street acquired in 2019, with NEC Energy Solutions awarded both EPC and long-term O&M contracts for the batteries in 2020.
In addition to the two 50MW assets, Gore Street has also secured the grid connection rights to increase the capacity of its Porterstown Republic of Ireland site from 30MW to 90MW, although this increase is not include in its NAV update.
The fund has also secured a Capacity Market contract for three of its assets in the UK, representing 59.9MW for 12 months from October 2021. The contract rate comes in at £45,000/MW/year, which the company said is “significantly higher” than the £7,200/MW/year it used in its net asset value (NAV) calculations, therefore representing £566,000 of additional contracted income from the original budget for the period from October 2021 and September 2022.
Gore Street’s NAV increased to 99.6p per share in the period from 30 September 2020 to 31 December 2020 announced in an update today (8 March), a jump of 2.36% on the previous quarter. Alex O’Cinneide, CEO of Gore Street Capital, said that Dynamic Containment is a “lucrative new revenue stream”, with the company aiming to have 90MW of operational assets participating in the service by 1 April.
Additionally, the company gave an update on its fundraise in December 2020, which saw it raise gross proceeds of £60 million from an initial placing, offer for subscription and intermediaries. These proceeds have been fully allocated to what Gore Street described as “high quality projects”, adding the company continues to have a “significant pipeline of new attractive projects”. It is considering a potential equity raise as part of its existing placing programme, the company added.
“Gore Street remains focused on growing and diversifying our portfolio of energy storage assets through active asset management,” O’Cinneide said, continuing to state the company is continuing to see “a number of attractive near-term acquisition opportunities from our extensive pipeline”.