Eirgrid and ESB Networks have released the full list of renewable energy projects to receive grid connection offers in Ireland through their enduring connection policy (ECP) process, with solar PV representing the majority of these.
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Gore Street s Drumkee battery, which has been operational since March. Image: Gore Street Energy Storage Fund.
Gore Street Energy Storage Fund has acquired an 80MW energy storage project from RES, having also entered into exclusivity with the renewable energy company for over 300MW of assets.
The 80MW project – located in Milton Keynes – is construction ready, with all land rights, grid connections and planning consents having already been secured.
Gore Street is expecting the total capex of the project to be c.£30 million spread over the next 12 – 15 months, with the asset scheduled to become operational in Q1 2023, although the company is exploring timeline optimisation to potentially bring this forward.
Published: 28 Apr 2021, 16:30
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Image: Gore Street Energy Storage Fund.
UK energy storage investor Gore Street Energy Storage Fund raised £135 million (US$187.89 million) towards deploying a 1.3GW development pipeline, with the funds also to be used for a potential 80MW acquisition for its portfolio of battery projects.
This potential acquisition is expected in the coming weeks, the fund said, with net proceeds of the fundraise to also be deployed in relation to accelerating development of its existing portfolio including the expansion of its Republic of Ireland assets from 30MW to 90MW. This was announced in late 2020, with both the Porterstown 30MW project and the 30MW Kilmannock project to be expanded.
Image: Gore Street Energy Storage Fund.
A potential 80MW acquisition - plus Gore Street Energy Storage Fund s 1.3GW development pipeline - is to be funded by the net proceeds of the company s latest £135 million fundraise.
This potential acquisition is expected in the coming weeks, the fund said, with net proceeds of the fundraise to also be deployed in relation to accelerating development of its existing portfolio including the expansion of its Republic of Ireland assets from 30MW to 90MW. This was announced in late 2020, with both the Porterstown 30MW project and the 30MW Kilmannock project to be expanded.
The new funds were raised from the total issue of 132,352,941 new Ordinary Shares at 102p per Ordinary Share. Admission of these shares to trading on the London Stock Exchange s main market is expected to become effective at 8:00am on 27 April 2021.