London-listed fund Gore Street has acquired two energy storage projects in the UK totalling 19MW from Origami Energy.
The facilities are the 10MW Lower Road in Brentwood, Essex, and a 9MW plant at the Port of Tilbury in London.
Both projects have all the necessary land rights, planning and other consents, as well as the grid access rights needed to start construction and enter operations, the fund said.
Gore Street did not reveal the price of the latest acquisitions, which bring its asset portfolio to four projects with a combined capacity of 29MW.
The fund said it has agreed pricing terms for the projects’ battery systems and is in advanced negotiations to finalise legal documentation for procurement and engineering, procurement and construction arrangements.
Construction will start soon, with both plants scheduled to be operational in the second quarter of 2019.
Gore Street Capital chief executive Alex O’Cinneide said: “We are delighted by our progress in deploying our IPO proceeds in building London’s first listed diversified portfolio of energy storage assets.
“The portfolio will provide a reliable and robust income opportunity and grant investors access to a nascent and rapidly growing infrastructure sub-sector that also represents a major new renewable technology market for environmentally conscious investors.
“We continue to see valuable opportunities within our significant pipeline and anticipate updating shareholders with further positive progress in due course.
“Furthermore, we are in negotiation with potential partners for a significant number of projects under exclusivity that we look forward to funding in due course.”