UK’s Gore Street acquires portfolio of Texas battery projects

By Molly Lempriere, Alice Grundy
LinkedIn
Twitter
Reddit
Facebook
Email

London Stock Exchange-listed energy storage investor-developer Gore Street has acquired a portfolio of eight energy storage assets in Texas, US.

It follows the energy storage fund entering the German market with the acquisition of a 90% stake in a 28MWh operational energy storage asset in Cremzow earlier this month.

The portfolio of Texan assets have been acquired from Perfect Power Solutions Texas and have a total capacity of 79.2MW.

Three of the 9.9MW/20MWh systems, which use LG Energy Solution lithium-ion batteries, began operation in September 2021, with the remaining five expected to enter operation within the next year.

The battery energy storage assets will participate in Electric Reliability Council of Texas (ERCOT), providing ancillary services in a state that has seen rapid expansion of intermittent renewable energy generation in recent years. This will primarily be through the response reserve service market, but also day ahead/real time trading to capture value from system volatility.

Following the acquisition, Gore Street has 262MW of operating assets, and a total portfolio of 708MW. For the Texan sites, a purchase agreement has been signed, and the acquisition is expected to close in 30 days.

“This acquisition presents a new high-quality counterparty, ERCOT, for our services within a significant market managing the flow of electric power to more than 26 million Texan customers,” Gore Street Capital CEO Alex O’Cinneide said.

“The portfolio itself presents a blend of operational and development assets which adds immediate revenue generating assets to our portfolio, whilst providing the opportunity to utilise our proven in house technical and development capabilities to deliver systems at a competitive cost in an attractive market.”

In related news, Gore Street just announced a deal with Nidec ASI for the provision of engineering, procurement and construction (EPC) services for its 49.9MW Ferrymuir and 79.9MW Stony battery storage sites in the UK.

Both assets are one-hour duration, beginning-of-life energy storage systems. Ferrymuir is located in county Fife, Scotland, while Stony is located close to Milton Keynes in southern England.

The contracts include the EPC arrangements and long-term service agreements for maintenance and operation, including availability and energy capacity warranties and stringent performance requirements to be demonstrated by Nidec ASI, Gore Street said.

Both assets are scheduled to be energised in Q4 2022, with both to achieve commercial operation in February 2023.

They will both operate in the UK’s Dynamic Containment and firm frequency response ancillary services markets, as well as and wholesale and Balancing Mechanism trading. They will also be able to participate in new services made available by transmission operator National Grid and distribution network operators, according to the company.

Gore Street-Nidec ASI story by Alice Grundy

Gore Street Texas portfolio story by Molly Lempriere

These originally appeared as two separate items on Solar Power Portal.

Read Next

December 1, 2022
KORE Power, a company developing a lithium-ion gigafactory project in the US, has closed the initial $75 million tranche of a US$150 million fundraising round.
December 1, 2022
National Grid Renewables has commenced operations at its Noble solar-plus-storage project in Denton County, Texas.
December 1, 2022
A 49MW battery storage system has just been commissioned at a floating diesel power plant in Mindanao, Philippines.
November 30, 2022
A 30MW battery energy storage system has been inaugurated by transmission system operator (TSO) ISA CTEEP in Brazil.
November 30, 2022
Energy crisis resulted in high ancillary services revenues for battery storage, with some assets earning four times more than expected.

Most Popular

Email Newsletter