Gore Street Energy Storage Fund PLC First US Storage Project Acquisition (3258E)
10 March 2022 - 6:00PM
UK Regulatory
TIDMGSF
RNS Number : 3258E
Gore Street Energy Storage Fund PLC
10 March 2022
10 March 2022
Gore Street Energy Storage Fund plc
(the "Company" or "Gore Street")
First US Storage Project Acquisition
Entering a highly attractive new geography
Further diversifying and enhancing Company revenues
Gore Street, London's first energy storage fund supporting the
transition to low carbon power, is pleased to announce that it will
acquire a portfolio of eight energy storage assets in Texas from
Perfect Power Solutions Texas, LLC ("PPST"), a portfolio company of
SER Capital Partners, and an affiliate of Perfect Power, LLC. The
portfolio consists of eight 9.9 MW storage projects totalling 79.2
MW. Three of the projects - which are each 2-hour duration / 20 MWh
systems - have been operating since September 2021 and the
remaining five should enter operation within twelve months,
delivering an expected total portfolio of c.160 MWh. Following the
acquisition, the Company will have 262 MW in operating assets, and
a total portfolio of 708 MW, including the 28 MWh German
acquisition announced last week.
The PPST portfolio is Gore Street's first US investment, and
further diversifies the Company's revenue streams and geographic
exposure. The PPST assets participate in Electric Reliability
Council of Texas (ERCOT) which provides electricity to most of the
state and is one of four main grid interconnections in North
America. Texas has significantly increased the deployment of
intermittent renewable energy whilst baseload thermal generation is
being retired across the state. The assets help to balance ERCOT's
grid by providing ancillary services, primarily through Response
Reserve Service ("RRS") market. In addition, the assets can
participate in Day Ahead / Real Time Trading to capture market and
system wide volatility.
The three operational sites use LG Energy Solutions lithium-ion
batteries. The operational projects' modular design and unused land
in site may present future expansion opportunities to extend the
assets in both power and energy capacity.
The parties to the transaction have signed the purchase
agreement and the acquisition is expected to close within 30 days
subject to satisfaction of lease, grid, and permitting
conditions.
Alex O'Cinneide, CEO of Gore Street Capital, the Company's
investment manager, commented:
"We are pleased to be able to announce a further landmark
international acquisition shortly after our entry into the energy
storage market in continental Europe, highlighting the manager's
ability to acquire value accretive assets across the globe. The
acquisition further underpins our push into international markets,
where they exhibit the same favourable characteristics as in GB and
Ireland, meeting our returns criteria.
We have been looking at both the European and US markets for a
significant period to assess the best entry points. The electricity
grids of individual states act as islands, in many ways like GB and
Ireland, with their own challenges and opportunities. This
acquisition presents a new high-quality counterparty, ERCOT, for
our services within a significant market managing the flow of
electric power to more than 26 million Texan customers. The
portfolio itself presents a blend of operational and development
assets which adds immediate revenue generating assets to our
portfolio, whilst providing the opportunity to utilise our proven
in house technical and development capabilities to deliver systems
at a competitive cost in an attractive market."
ENDS
The Legal Entity Identifier of the Company is
213800GPUNVGG81G4O21.
For further information:
Gore Street Capital Limited
Alex O'Cinneide / Paula Travesso / Maria Tel: +44 (0) 20 3826
Vaggione 0290
Shore Capital (Joint Corporate Broker)
Anita Ghanekar/ Rose Ramsden /Iain Sexton Tel: +44 (0) 20 7 408
(Corporate Advisory) 4090
Fiona Conroy (Corporate Broking)
J. P. Morgan Cazenove (Joint Corporate
Broker)
William Simmonds / Jérémie Birnbaum Tel: +44 (0) 20 7742
(Corporate Finance) 4000
Buchanan (Media enquiries)
Charles Ryland / Henry Wilson / George Tel: +44 (0) 20 7466
Beale 5000
Email: Gorestreet@buchanan.uk.com
JTC (UK) Limited, Company Secretary Tel: +44 (0) 20 7409
0181
Notes to Editors
About Gore Street Energy Storage Fund plc
Gore Street is London's first listed energy storage fund and
seeks to provide Shareholders with a significant opportunity to
invest in a diversified portfolio of utility scale energy storage
projects. In addition to growth through exploiting its considerable
pipeline, the Company aims to deliver consistent and robust
dividend yield as income distributions to its Shareholders.
About SER Capital Partners
SER Capital Partners is an independent, middle-market private
equity firm dedicated to investing in North American sustainable
industrial, environmental, and renewable businesses. Its leadership
team has meaningful experience building, leading, investing in, and
exiting businesses that further efforts for decarbonization and a
circular economy. SER seeks to create meaningful economic value and
measurable sustainability benefits in partnership with talented
management teams. More information is available at
www.sercapitalpartners.com.
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