Gore Street gets more Irish money – Gore Street Energy Storage says it has been successful in its first applications to manage energy storage projects in the Republic of Ireland. Under the terms of its agreement with the National Treasury Management Agency (NTMA), it will be able to draw down an additional £9.5m in funding from this government body.
Projects in Eire
Gore Street says that the Irish government is determined to support energy storage within the Delivering a Secure Sustainable Electricity System programme (the “DS3 Programme”). The purpose of the DS3 programme is to enable Ireland to meet its target of 75% non-synchronous and renewable (i.e. wind and solar) electricity across the all-island network. The DS3 market consists of both fixed and standard contracts available across the Irish grid in both the Republic of Ireland and Northern Ireland.
Gore Street won two 6-year fixed revenue contracts in the recent Irish Government tender for storage, a significant proportion of the available capacity in this tender. These projects have an estimated IRR of 10% and are expected to generate revenue from September 2021. Each of these is a 30MW facility.
In June 2019, Gore Street acquired interests in four other 30MW projects in Portersdown, County Kildare and Kilmannock, County Wexford.
The estimated capex required to complete the projects is estimated to be c. GBP24.0m, 40% of which is to be funded by the NTMA.
In June 2019, the NTMA agreed to commit up to £25m to Gore Street. The fund is now drawing down £9.5m of this and is issuing new shares to NTMA in exchange.
GSF : Gore Street gets more Irish money