Gore Street Energy Storage Fund announced the completed acquisition of a 28 MWh operational energy storage asset in Cremzow, Germany.
The Fund saw its share price dip 0.3% to 117.1p on Friday during early morning trading.
Gore Street announced that it had acquired a 90% stake in the asset, with German renewable developer Enertrag maintaining a 10% stake and supporting technical management of the venture.
The company reported that the acquisition would bring its operating assets 232 MW alongside total portfolio assets under management to 629 MW.
The announcement was in line with Gore Street’s mandate to expand outside the UK and Ireland.
The move reportedly allows the company to expand into Europe and participate in wholesale and intra-day arbitrage as a means to bring additional revenue stacking opportunities to the Fund.
Gore Street confirmed that the system is based LG Chem lithium-ion batteries.
“This is a landmark acquisition with compelling fundamentals which not only demonstrates our entry into new markets but also increases our operational cash generating assets, and further diversifies Gore Street’s portfolio,” said Gore Street CEO Alex O’Cinneide.
“We are very pleased to have worked with ENEL on this transaction and look forward to continuing to partner with Enertrag to optimise the asset going forwards.”
“Energy storage is an ever-increasing infrastructure requirement, and we will continue to seek out the best opportunities from our considerable pipeline across our key markets.”