Business Technology

Monday 17 June 2019

Isif's €34m bid to spark new energy storage developments

Gore Street Capital's CEO Alex O'Cinneide. Photo: David Conachy
Gore Street Capital's CEO Alex O'Cinneide. Photo: David Conachy
John Mulligan

John Mulligan

The State's Ireland Strategic Investment Fund (Isif) is providing £30m (€34m) to bankroll the acquisition and development of four energy storage projects across Ireland.

London-listed Gore Street Energy Storage Fund expects to spend £77m (€87m) buying and building out the four energy storage projects, two of which are in the Republic, and two in Northern Ireland.

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There are two 30MW projects, one in Portersdown, Co Kildare and the other in Kilmannock, Co Wexford, as well as two 50MW projects, in Drumkee Co Tyrone, and Mullavilly in Co Armagh. The four schemes have planning permission and are expected to be operational by 2021.

Gore Street Energy Storage Fund is acquiring a 51pc stake in a special purpose vehicle that holds the four projects from privately-owned UK investment firm Low Carbon. Low Carbon will retain a 49pc stake in the special purpose vehicle.

Isif, through the National Treasury Management Agency, is providing £5m as part of a £50m share placing by Gore Street Energy Storage Fund, and will provide up to £25m that can be drawn down once certain criteria have been met.

Gore Street said Ireland is a "highly attractive market" with a need for energy storage technology.

The firm also has an option to purchase a further 190MW portfolio of six projects in Ireland.

Gore Street Capital's CEO is Dubliner Alex O'Cinneide.

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