Investegate |Gore Street Energy Announcements | Gore Street Energy: Notice of Results investegate.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from investegate.co.uk Daily Mail and Mail on Sunday newspapers.
Published: 17 May 2021, 06:30
By:
Alice Grundy
A RES battery storage system deployed for a National Renewable Energy Laboratory (NREL) project in the US. Image: RES / NREL.
A 99.9MW energy storage project in development in northern England by Renewable Energy Systems (RES) has secured planning permission, with the asset set to be operational in late 2023.
Located in the Selby area in North Yorkshire, the Lakeside Energy Storage Project will be the largest energy storage project in RES’ now 420MW portfolio of energy storage in the UK and Ireland once completed.
The development has consent for 51 energy storage containers and 42 transformers, with construction expected to start in late 2022.
Gore Street s Drumkee battery, which has been operational since March. Image: Gore Street Energy Storage Fund.
Gore Street Energy Storage Fund has acquired an 80MW energy storage project from RES, having also entered into exclusivity with the renewable energy company for over 300MW of assets.
The 80MW project – located in Milton Keynes – is construction ready, with all land rights, grid connections and planning consents having already been secured.
Gore Street is expecting the total capex of the project to be c.£30 million spread over the next 12 – 15 months, with the asset scheduled to become operational in Q1 2023, although the company is exploring timeline optimisation to potentially bring this forward.
The project is one of the single largest industrial battery assets in the UK GSF said it now has over 1.0GW in its pipeline
Gore Street Energy Storage Fund PLC (LON:GSF), has acquired what it says is one of the largest single industrial battery assets in the UK.
The site is an 80MW construction-ready project in Milton Keynes and Gore Street will spend £30mln on capital expenditure over the next 12 to 15 months.
Operations are scheduled to start in the first quarter of 2023 and Gore Street expects the project to generate a rate of return of between 10-12%.
In addition, the fund said it had secured exclusivity on a further 300MW of assets in the UK, where capital expenditure would also be staggered over a 12-18 month period in most cases.
i Please note that national forms may vary due to specific national legislation (Article 3(1a) of Directive 2004/109/EC) as for instance the applicable thresholds or information regarding capital holdings. ii Full name of the legal entity and further specification of the issuer or underlying issuer, provided it is reliable and accurate (e.g. address, LEI, domestic number identity). Indicate in the relevant section whether the issuer is a non UK issuer. iii Other reason for the notification could be voluntary notifications, changes of attribution of the nature of the holding (e.g. expiring of financial instruments) or acting in concert.