StockMarketWire.com - Gore Street Energy Storage Fund said its acquisitions in the Republic of Ireland won two 6-year fixed revenue contracts in the recent Irish Government tender for storage.

The company also announced that its strategic partner, the National Treasury Management Agency, or NTMA, Ireland's sovereign wealth fund, had committed £9.5m to help the company fund the development of its acquisitions in the Republic of Ireland, referred to as the ‘RI Projects.’

On 4 June, the company acquired the rights to purchase controlling interests in a portfolio of four projects totalling 160MW in Northern Ireland and the Republic of Ireland from renewable energy developer, Low Carbon.

With the acquisition of the RI Projects, which had an estimated internal rate of return of 10%, the company said it would now have assets in two distinct storage markets - England and Wales and Northern Ireland and Republic of Ireland.

The RI Projects' bids in ‘Delivering a Secure Sustainable Electricity System programme,’ or DS3, capped market tender were successful and the projects were awarded contracts for the full 60MW of capacity, the company said.

The RI Project vehicles had executed the DS3 contracts on 24 Sep and made payments of fees necessary to begin grid connection works, the company added. ‘The estimated capex required to complete the projects is estimated to be c. £24.0m, 40% of which is to be funded by the NTMA.’

Gore Street said it expected to continue the tender process started by the projects' developer, Low Carbon, with selection anticipated by the first quarter of 2020. The assets were expected to be fully operational by September 2021, Gore Street added.


At 10:25am: [LON:GSF] Gore Street Energy Storage Fund Plc Ord Gbp0.01 share price was +2.75p at 95.75p



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