GSF will acquire a 200MW battery storage facility from Kona Energy | Whuff News


UK-based Gore Street Energy Storage Fund (GSF) has completed an agreement to acquire a 200MW ready-to-build energy storage project from Kona Energy for an undisclosed amount.

Located in Heysham, England, the project is claimed to be one of the largest energy storage facilities in Europe and is also the largest GSF find to date.

It has secured all land rights, grid connections and planning permission and will be connected to the national grid’s main grid.

GSF said the acquisition is expected to reduce capital expenditure (capex) and operating costs while opening up new revenue opportunities.

The project is due to be connected to the grid in the fourth quarter of 2026, but GSF’s investment manager, Gore Street Capital, will aim to bring the connection date forward while maintaining a cost-effective engineering, procurement and construction process.

It will be GSF’s second transmission-connected site, after the company acquired the 57MW Enderby project last year.

The company said the final capex will depend on the timing of the program.

Gore Street Capital manager Alex O’Cinneide said:With the acquisition of this important 200MW transmission-connected project from Kona Energy, our largest acquisition to date, the company has further strengthened its market leadership position (in the UK).

“We are encouraged that an asset of this scale will benefit from being connected to the main transmission network, providing effective cost savings and potential additional revenue streams.

“We are always very selective about new acquisition opportunities and focus on those, like this project, that have the greatest cost and revenue benefits.”

The deal increases GSF’s portfolio to 25 projects with a capacity of 898MW across the UK, Ireland, Germany and the US.

GSF is the first London-listed energy storage fund and aims to allow shareholders to invest in a diversified portfolio of energy storage projects.

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