Gore Street Energy Storage Fund boosts operating assets with £28.2mln deal

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Gore Street Energy Storage Fund PLC (LON:GSF) has acquired a portfolio of 81MW operating battery assets at five sites in the North-West and Midlands.

The cost is £28.2mln and will be met through a combination of cash (£21.1mln) and new shares (£7.1mln) to be issued to vendor Anesco, a renewable infrastructure developer.

All of the battery energy storage systems at the sites were provided by BYD, a leading global storage supplier, said the trust.

As a result of the acquisition, the size of Gore Street’s portfolio of operating assets rises to 110Mw from 29Mw and its portfolio overall to 320Mw.

Alex O’Cinneide, chief executive of the fund’s adviser Gore Street Capital, said: “This is a significant acquisition which substantially increases our operating, cash-generating assets and further diversifies our substantial and growing portfolio.

“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.

“These cash-generating projects further reinforce the company’s dividend cover and materially enhance company earnings”.

Shares rose 1.4% to 108p.

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