Gore Street grows Irish assets as part of partnership with Low Carbon

UK’s Gore Street Energy Storage Fund PLC (LON:GSF) has expanded its Irish asset portfolio via deals with renewable developer Low Carbon.

The energy storage fund said today it has acquired the remaining 49% in two of its existing Irish projects -- the 90-MW Porterstown site, including 30 MW of operational capacity and an expansion of 60 MW categorised as a construction asset, and the 120-MW Kilmannock construction asset.

In addition, Gore Street Energy has exercised its option with Low Carbon to buy a 51% stake in the 75-MW Project Mucklagh pre-construction energy storage project in Ireland, which, according to the announcement, has proven to be a consistently lucrative market for the fund. The project is expected to go live in 2028.

Gore Street Energy paid for the deals via the issuance of 9.7 million new ordinary shares at GBP 1.11 per share, plus cash consideration.

“The development platform [Low Carbon] joins an increasingly varied selection of entities on the company’s register, ranging from wealth managers, institutional and retail investors to other strategic corporations like Nidec, which built upon its existing relationship with the company in December,” commented board chair Pat Cox.

The fund has now expanded its Irish asset base to 385 MW, of which 130 MW is operational. Including the acquisitions, its portfolio will consist of 28 projects, representing 1,248.2 MW of operational and construction capacity across Great Britain, Ireland, Germany, Texas and California.

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