Gore Street acquires stakes in three Irish storage projects

March 27, 2024

Gore Street Energy Storage Fund has increased its Irish asset base through the acquisition of the remaining 49 per cent stake in two of its existing Irish projects as well as a stake in Project Mucklagh, a 75MW asset in the Republic of Ireland.

Gore Street acquired the remaining 49 per cent stake from Low Carbon in two of its existing Irish projects: Porterstown, a 90MW asset, and Kilmannock, a 120MW construction asset.

Additionally, Gore Street exercised its option with Low Carbon to acquire a 51 per cent stake in Project Mucklagh, a 75MW pre-construction energy storage project located in the Republic of Ireland. The project has a target energisation date of 2028.

The total consideration for these transactions was settled via the issuance of 9,700,000 new ordinary shares in the capital of the company issued at 111.0 pence per ordinary share, plus cash consideration.

Alex O’Cinneide, CEO of Gore Street Capital, commented: “This share issuance and acquisition cements our continued commitment to the Irish market, which has proved very successful for the company. The benefits of the multi-year agreement with Low Carbon have now entered a new stage for the company as it extends ownership over operational projects in the Republic of Ireland while adding more capacity from Low Carbon’s development pipeline. The innovative structure of this ongoing strategic partnership ensures all parties remain motivated to achieve success and maintain the company’s position as a leader in Ireland’s energy storage market.”

Steve Mack, chief investment officer at Low Carbon, added: “We are delighted to close this sale transaction on our portfolio of Irish storage assets with Gore Street, who are a long-term strategic partner for Low Carbon in the Irish renewables market. Low Carbon were one of the first movers to develop, build and operate utility scale battery storage in Ireland and this announcement reinforces our track record in delivering exceptional assets and operational performance across our portfolio.”