Energy storage investment fund Gore Street has reached a deal to acquire 100% of the 50MW Ferrymuir project in Fife, Scotland.
Ferrymuir, which has been acquired from a group of investors comprising Abbey Properties, Yoogen and Intelligent Land Investments, consists of a 50MW energy storage system for which all land rights, grid connections and planning consents have already been secured.
Gore Street will arrange and manage construction of the project, scheduled to become operational in 2022.
The project brings Gore Street’s total portfolio size to 239MW, which it says is the largest of any UK-based manager, and is part of the 140MW storage pipeline in Scotland for which the company announced exclusivity earlier this year.
The company also has exclusivity on a 20MW asset near London which is currently undergoing due diligence with a view to near term acquisition. In total Gore Street has 900MW in its total pipeline including exclusivity deals.
“The project is our first in Scotland, a very attractive market for energy storage, and adds to a portfolio diversified in markets, assets and counter parties,” said Gore Street Capital chief executive Alex O’Cinneide.
“We are proud to be part of the transition to a low carbon economy, and at the forefront of energy storage as an asset class. We expect to update the market on further acquisitions in Scotland and England in due course.”
Gore Street last week announced JXTG Nippon Oil and Energy Corporation as a new strategic investor subscribing for £2.9 million in shares.