Register Log-in Investor Type

News

Gore Street Energy Storage acquires new project in Milton Keynes

Gore Street Energy Storage acquires new project in Milton Keynes – Gore Street Energy Storage has announced the acquisition of an 80MW construction ready energy storage project in Milton Keynes, with an estimated total capital expenditure of £30m spread over the next 12 to 15 months. It has been acquired from leading renewable energy company RES. Meanwhile the company has also announced it has secured exclusivity on a further 300MW of assets in the UK, currently undergoing due diligence. It says these projects present opportunities for acquiring assets at highly competitive prices. Capital expenditure requirements would be staggered over a 12 to 18 month period and are dependent on certain milestones being achieved. In total, the company now has over 1.0GW in its pipeline across the UK, Europe and North America.

Comment from the manager:

“We are very pleased to announce the acquisition of this exceptionally high-quality 80MW construction ready project in the UK, which adds one of the UK’s largest assets planned for development to our leading portfolio of energy storage assets. At 520MW[1] this is the largest portfolio available to a financial investor and one which has the youngest portfolio of assets, and most cost-effective acquisition history in the market. This latest Project again highlights the strength of our management team in being able to identify and secure exclusivity on important infrastructure assets at extremely competitive pricing, through our active asset management approach. In fact, the Company believes that GSF’s installed cost per MW is close to half that of the closest peer that we have analysed. We believe this competitive acquisition pricing is the bedrock for continuing to deliver future compelling IRR returns to our shareholders.

Gore Street’s 300MW in exclusivity represents an extraordinary opportunity for the Company to acquire nationally significant energy storage assets in the UK at a competitive price through the Investment Manager’s leading contact network as a highly regarded first mover. We expect to update the market in due course with our further progress in relation to the pipeline and expanding our portfolio.”

GSF : Gore Street Energy Storage acquires new project in Milton Keynes

Leave a Reply

Your email address will not be published. Required fields are marked *

Please review our cookie, privacy & data protection and terms and conditions policies and, if you accept, please select your place of residence and whether you are a private or professional investor.

You live in…

You are a…