Ireland’s sovereign wealth fund has agreed to invest almost £10m in two battery storage projects in home territory developed by UK outfit Gore Street Capital.
The National Treasury Management Agency (NTMA) has agreed to help fund two 30MW projects in Ireland that secured six-year frequency services contracts in August from domestic utility EirGrid.
The 30MW Portersdown in County Kildare and 30MW Kilmannock in County Wexford are due online by September 2021.
The estimated capex required to complete the projects is around £24m, 40% of which is to be funded by NTMA.
Gore Street’s energy storage fund portfolio has a total capacity of 189MW.
“We are delighted to receive a further £9.5m of capital from our strategic investment partners, NTMA, as we continue to grow the fund and diversify our assets under management to provide further sources of income for our shareholders,” said Gore Street Capital chief executive Alex O’Cinneide.