GoreStreet Energy Storage Fund (GSF), London’s, UK, first listed energy storage fund supporting the transition to low-carbon power, has announced that it has agreed to acquire from Kona Energy a 200 MW construction-ready energy storage project in Heysham, North West England. The project is one of the largest storage projects in Europe, and it is GSF’s largest acquisition to date. With this acquisition, GSF’s portfolio will consist of 25 projects with a total capacity of 898 MW in operation and construction in the UK, Ireland, Germany, and the US.
The project has secured all land rights, grid connection, and planning consent. The project will connect to National Grid’s main transmission network rather than the local distribution network, meaning it will operate independently from an intermediary distribution network operator. This will potentially open additional revenue opportunities while reducing CAPEX and operating costs. This is GSF’s second main transmission-connected site following the acquisition of the 57 MW Enderby project in 2021.
Grid connection is expected to be no later than 4Q26; however, GSF’s Investment Manager, Gore Street Capital Limited, will seek to accelerate the connection date while maintaining a cost-efficient EPC procurement process. The final CAPEX will depend on the selection of the system duration. The project has the flexibility to deploy a storage system with a duration of up to two hours. The project is expected to deliver an unlevered IRR at least in line with GSF’s target return.
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Read the article online at: https://www.energyglobal.com/energy-storage/31102022/gsf-purchases-200-mw-storage-project/