London energy fund acquires 160 MW portfolio in Ireland
Gore Street, a London-based energy fund, has acquired 51pc of a 160 mega watt portfolio across the island of Ireland.
To fund the acquisition Gore Street plans to raise up to £50m (€56m) through a share placing.
Meanwhile £31m (€35m) has already been committed for investment in the company.
Of this £31m, £6m will be invested as part of the share issue and a further £25m is to be invested by the Ireland Strategic Investment Fund (ISIF).
Managed by the National Treasury Management Agency (NTMA), ISIF is the Irish sovereign wealth fund. It has agreed to provide up to £30m of investment in Gore Street.
Two of the group’s energy projects will be located in Northern Ireland, while a further two projects will be located in the Republic of Ireland.
It will cost an estimated £77m to construct the projects.
Gore Street has an additional option to purchase a further 190MW portfolio of energy storage projects in Ireland, bringing the total transaction to 350MW.
Alex O'Cinneide, CEO of Gore Street Capital, the company's investment adviser, said: The investment in the Irish projects will represent one of Europe’s largest energy storage acquisitions and one of the largest of its kind this year globally.”
“Ireland’s energy storage market is at a critical point in time, with significant investment opportunities rapidly arising, driven in no small part by the ambitious target of 40pc renewable energy provision by 2020 set recently by the Irish State.”