The acquisition enables the company to increase its operating assets from 29MW to 110MW in the country
The acquisition enables Gore Street to increase its supplier and technical diversification. (Credit: Pexels from Pixabay)
London’s first listed energy storage fund Gore Street has acquired a portfolio of 81MW UK energy storage assets from renewable infrastructure developer Anesco.
The cash-generating energy storage assets have been acquired by the company for a total of £28.2m, which includes a cash component of £21.1m.
The remaining cost of the acquisition is paid through the issue of new ordinary shares of Gore Street. The acquisition, which includes 14 energy storage assets, increase total assets of Gore Street from 239MW to 320MW.
In addition, it has enabled the company to expand its operating portfolio by almost four-fold from 29MW to 110MW.
Gore Street Capital CEO and investment manager, Alex O’Cinneide said: “This is a significant acquisition which substantially increases our operating, cash generating assets and further diversifies our substantial and growing portfolio.
“The acquisition highlights Gore Street Capital’s continued delivery against the Company’s goals and affirms our preeminent position in the energy storage market.
“As many countries look to support the transition to a low carbon economy, we believe we are in a strong position to facilitate that transition.
“With this major operational portfolio acquisition the Company’s portfolio grows to 320MW – one of the largest available to a financial investor seeking exposure to this sector.”
Anesco to manage the assets acquired by Gore Street
The acquisition enables Gore Street to increase its supplier and technical diversification, as all the purchased assets include battery energy storage systems supplied by Chinese company BYD.
Under the terms of the acquisition, Anesco will continue to offer asset management services for the portfolio of energy storage systems.
The portfolio includes two 20MW facilities in Greater Manchester and Cheshire and two facilities with a combined capacity of 22.2MW in Derbyshire,
The remaining capacity is spread across 10 separate sites of 1.0 – 1.2MW, each co-located with solar PV projects across the UK.
Alex O’Cinneide added: “We are very pleased to win this competitive acquisition due to our strong transactional history and leading portfolio management reputation. We are also very pleased to partner with Anesco on this portfolio and look forward to further building on that relationship.
“These cash-generating projects further reinforce the Company’s dividend cover and materially enhance Company earnings.”