Gore Street Energy Storage Fund Plc agreed to acquire a controlling interest in a 160-MW energy storage portfolio in Northern Ireland and the Republic of Ireland.
The portfolio consists of two energy storage projects of 50 MW each in Northern Ireland and another two projects of 30 MW each in the Republic of Ireland. Under the deal, the company has the option to purchase a further 190-MW portfolio of energy storage projects in Ireland.
To fund the projects and further pipeline, Gore Street Energy plans to issue a £50 million offer for subscription and intermediaries and subsequent placing program of new ordinary and/or C shares, according to a June 4 news release.
Gore Street Energy said it has secured an investment of £31 million, of which £6 million will be invested as part of the issuance and a further £25 million will be invested by the National Treasury Management Agency, or NTMA, as controller and manager of the Ireland Strategic Investment Fund.
The company also reached an agreement with the NTMA for up to a £30 million investment. Of that amount, £5 million will be invested as part of the issuance and up to £25 million may be drawn down upon meeting certain criteria.
Proceeds from the issuance and the NTMA investment will be primarily used to construct and purchase the 160-MW energy storage portfolio.