Gore Street Energy Storage Fund has awarded NEC Energy Solutions both EPC and long-term O&M contracts for 100MW of storage in Northern Ireland.
NEC has committed to construct the two 50MW projects at a fixed price by a specified completion date, to provide for performance and availability warranties and to operate the projects for up to 15 years.
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The combination of fixed prices, warranties backed by liquidated damages and guaranteed completion dates further de-risk the projects, Gore Street said, with the projects on track to be commissioned in Q1 2021. Gore Street is one of two London Stock Exchange-listed, dedicated energy storage funds, the other being Gresham House, which has been on a wave of asset deals in recent months.
They are expected to earn revenue through the DS3 flexibility market, Gore Street said, alongside the two 30MW projects in the Republic of Ireland that have secured six year contracts. Gore Street intends to participate under the DS3 Standard Contracts tender in October 2020 and proceed with testing throughout December and January.
The Northern Ireland projects are also set to earn revenue through the Irish Capacity Remuneration Mechanism and, after the end of DS3 services, wholesale trading.
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