Gore Street Energy Storage Fund, one of two stock exchange-listed investment funds in the UK dedicated to energy storage, is proposing a new issue of ordinary shares at 102 pence (US$1.41) per share to raise further capital for its development pipeline of 1.3GW.
Gore Street Energy Storage Fund, a publicly listed energy storage investment funds in the UK, is entering its portfolio into the Dynamic Containment grid services market while it has 100MW of projects in Northern Ireland nearing completion.
With the current tariff framework for energy storage in Ireland set to come to an end in April 2023, there is scepticism over the support that will follow.
Bigger projects, increased synergy with renewable energy generation, better evolved business models and a forward-thinking market design have contributed to the success of battery storage in the UK, with neighbouring Ireland also showing strong signs of rapid growth.
Ireland’s first grid-scale battery system was commissioned at the beginning of 2020 but was followed just a few months later by another one 10 times larger. The opportunities for further development in the country appear huge, with a grid operator willing to recognise the role energy storage can play in balancing the network.
Norwegian state-owned energy company Statkraft is to provide market access and trading optimisation for battery storage assets being developed by RWE in Ireland.
Updated 10 January 2021: “These longer-duration 2 hour systems highlight a growing recognition of battery based energy storage systems as not only super-fast but also super-robust infrastructure assets that can serve a broader range of capacity and system balancing needs for 20 years or more.”
A 100MW battery storage facility in Co. Offaly in Ireland has this week been energised, having been developed as part of a partnership between local developer Lumcloon Energy and South Korea’s Hanwha Group.
UK stock exchange-listed energy storage investment fund Gore Street Energy Storage Fund has applied to triple its capacity in the Republic of Ireland, up to a total of 180MW.
This article looks at the current status of each of these end-markets and where there are similarities and differences in how the markets have developed, along with future opportunities.
