Gore Street Energy Storage Fund is to acquire a 200MW construction-ready battery project in Heysham from Kona Energy.
This is the fund’s largest acquisition to date and will bring its portfolio to 25 projects with a total capacity of 898MW in operation and under construction in the UK, Ireland, Germany and the US. Grid connection is expected to be no later than Q4 2026.
The battery will connect to National Grid’s main transmission network rather than the local distribution network. Gore Street said this will potentially open additional revenue opportunities while reducing capex and operating costs. The fund already has one transmission-connected site following the acquisition of the 57MW Enderby project in 2021.
Alex O’Cinneide, chief executive of Gore Street Capital Limited, the fund’s investment manager, said: “We are delighted by the Company’s continued good progress over the past 12 months. Despite recent market volatility, the Company’s operational fleet continues to yield higher-than-expected revenue across our markets.
“With the acquisition of this landmark 200MW transmission-connected project from Kona Energy, our largest acquisition yet, the Company has further strengthened its leadership position in the GB market. We are encouraged that an asset of this scale will benefit from being connected to the main transmission network, providing attractive running cost savings and potential additional revenue streams. We remain very selective on new acquisition opportunities focusing on those, such as this project, with significant cost and revenue advantages.”