Storage investor Gore Street has acquired a 57MW construction-ready project in Leicester, England.
The storage scheme is currently scheduled to become operational in 2023. All land rights, grid connections and planning consents have already been secured.
The Leicester project will be connected to National Grid’s main transmission network rather than the local distribution network, which means that it will operate without an intermediary distribution network operator.
Gore Street said this will reduce capex, which is expected to be around £22m over the next 12 to 18 months, and operating costs. It will be the investor’s first transmission connected site.
With the acquisition, the company’s portfolio now consists of 577MW of operating or under construction projects in the UK and Ireland.
The Company’s current financial resources are now “largely committed” following this 57MW acquisition and Gore Street is proposing an issue of new Ordinary Shares to fund its ambitious portfolio expansion plan.