Listed energy storage fund Gore Street has secured a further 131MW portfolio under exclusivity including 81MW of cash generating operational assets, following a competitive process.
The fund said the purchase of the operational assets, which are still subject to completion of successful due diligence, is anticipated to close by mid-August.
The exclusivity agreements also cover a 50MW project under development in southern England.
The new deals follow the announcement of a deal covering a 20MW London asset under construction, announced on 22 June, leading to a combined total of 151MW currently under exclusivity.
All of the assets are anticipated to be acquired on competitive pricing terms and deliver returns in line with Gore Street’s targeted unlevered IRR (internal rate of return) of 10%.
Chief executive of Gore Street Capital, the Company’s investment adviser, Alex O’Cinneide, said: “In addition to the recent announcement of the 50MW Ferrymuir acquisition, we are delighted to have secured exclusivity agreements for a further 131MW of attractive projects that will significantly add to the scale and diversity of the Gore Street portfolio.”