Gore Street seeks to expand Republic of Ireland battery storage portfolio capacity approximately 180
Gore Street seeks to expand Republic of Ireland battery storage portfolio capacity approximately 180MW
Nov 19, 2020 12:28 PM ET
Gore Street Energy Storage Fund has actually applied to triple its capacity in the Republic of Ireland, as much as a total amount of 180MW.
The business’s existing portfolio in the country is made up of the Porterstown 30MW project and also the 30MW Kilmannock project, with applications to increase the grid link sent for both sites.
Alex O’Cinneide, CEO of Gore Street Capital, the Company’s investment manager claimed he was delighted the projects would certainly be able to contribute towards “Ireland’s climate modifications objectives as well as producing a low carbon economic situation.”
” The potential to more increase the MW ability of both Porterstown and Kilmannock, is an interesting advancement for the Company, as well as indicate the amazing focus on asset optimization by the Gore Street group.
” We delight in to have developed among the biggest portfolios of its kind and we anticipate additional upgrading investors on the progression of our Irish assets as these projects continue to establish.”
Along with the news of the extensions, Gore Street has revealed that it has authorized an EPC as well as O&M contract with Fluence for Porterstown. The site– which is set to benefit from the “Delivering a Secure Sustainable Electricity System” (DS3) program– will be created at a set price by Fluence by a fixed date as well as gets on track to be commissioned by Q3 2021.
It will certainly offer efficiency consisting of the back to back DS3 services guarantees required, in addition to energy destruction and also accessibilities guarantees. Fluence, which was produced in 2018 by AES Corporation and also Siemens AG, will provide O&M services over the 15 year life expectancy of the project.
O’Cinneide included that the firm was delighted to supply the “encouraging news” and was anticipating dealing with Fluence.
” Securing this EPC agreement is an additional significant advance for our portfolio of Irish properties, and directly supports the energy protection aspirations on the island of Ireland, where power storage space could have a substantial duty to play given the superb periodic wind sources available.”
Porterstown will certainly create revenue from the Republic of Ireland’s DS3 flexibility program for a six-year contract period. It adheres to the first battery getting in the DS3 market in January, with Statkraft completing an 11MW battery in the nation that takes part.
Gore Street has 3 other properties in Northern Ireland and the Republic of Ireland that all take advantage of affordable and also valuable agreed DS3 earnings agreements.
By appointing Fluence as the EPC, the firm can better derisk the Porterstown project, through a combination of a set price, stringent service warranties backed by liquidated damages and a guaranteed completion date.
Talking With Solar Power Portal, Paul McCusker, vice president, EMEA at Fluence added: “Energy storage has a vital function to play in making it possible for Ireland’s ambitious eco-friendly development as well as decarbonization strategies. Fluence is delighted to take advantage of our digital offerings as well as experience on behalf of Gore Street’s growth plans.”
Connection work is underway at the Kilmannock site, nonetheless construction is likely to be delayed because of an updated timeline for grid connection from Eirgrid.
In September, Gore Street celebrated a 1.7% rise in NAV as well as highlighted the continuous progression in the building and construction of its Irish assets in its quarterly upgrade.
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