UK investor Gore Street Capital is to float an energy storage fund on the London stock exchange in a bid to raise £100m for the acquisition of battery projects. Gore Street Energy Storage Fund will invest in pre-construction and operational behind-the-meter and greenfield schemes.
The fund’s initial portfolio will comprise three lithium-ion battery projects sites worth around £11.2m.The around 18MW seed portfolio will include the operational 6MW Boulby plant in North Yorkshire and a 49% share of the online 4MW Cenin scheme in Wales, as well as the pre-construction 10MW Lower Road project in Essex.
If sufficient funds are raised from the launch, the London outfit will acquire NK Energy Storage Solutions – the UK subsidiary of Japanese construction outfit Nippon Koei, which owns Boulby and part-owns Cenin – for about £7.5m.
Gore Street Capital will acquire Lower Road from Origami Energy if the project wins a National Grid frequency service agreement in the auction next month. The fund has identified a pipeline of more than 60 potential projects totalling 1.34GW.
The results of the share issue will be published on 10 April with admission on the stock exchange expected on 12 April.