Due diligence for a 19 MW battery storage acquisition

Gore Street Energy Storage Fund’s latest acquisition brings its portfolio to four projects with a total planned capacity of 29 MW

Customer
Gore Street Energy Storage Fund (GSF) is the world’s first publicly listed battery storage fund and the first UK pure play energy storage fund, building a diversified portfolio of projects. The Fund invests in utility scale energy storage projects primarily located in the UK. The Fund is overseen by a highly-experienced Investment Management Team, with a total of over 75 years of private equity and asset management experience.

The Project

GSF acquired two energy storage projects (19 MW) from developer and energy platform provider, Origami Energy.

Gore Street Capital is the investment adviser to Gore Street Energy Storage Fund. Gore Street Capital is an experienced renewable energy and private equity investor with significant investment and operating experience in global renewable energy businesses and projects. Gore Street Capital invests in robust businesses and assets that are contributing towards the transition to a low carbon sustainable economy.

The Fund has great aspirations for deploying energy storage assets as the technology continues to play an increasingly important role in the energy system.

GSF’s latest acquisition of the 10 MW Lower Road U.K. project in Essex and the 9 MW Port of Tilbury brings the GSF portfolio to 4 assets totalling 29 MW.

Services
DNV’s team of energy storage experts provided technical advice and due diligence during negotiations with Origami Energy and NEC Energy Solutions, which featured an independent engineering review of the technical details of the project and associated companies.

Benefits
The project focussed on the technical risks to ensure that future revenue streams can be met.