Gore Street agrees Irish funding for 160MW energy storage portfolio

Gore Street Energy Storage Fund is planning a £50 million share issue to finance the construction and purchase of a 160MW portfolio of energy storage assets in Ireland. Renewable energy investment company Low Carbon is selling a 51% stake in the special purpose vehicles that own the projects in Northern Ireland and the Republic of Ireland, and will retain the remaining 49% share. The construction, acquisition and capital expenditure costs to realise the projects is around £77 million.

Gore Street has also entered into an investment agreement with the National Treasury Management Agency (NTMA) to receive funding from the Ireland Strategic Investment Fund (ISIF). NTMA will initially invest £5 million, conditional on a minimum fundraise of £15m in the issue, and will invest  up to £25 million upon certain criteria being met.