Gore Street has entered into an agreement to acquire a 100% interest in Ferrymuir Energy Storage, a 50MW energy storage project in Scotland.
The project, which has been acquired from a group of investors comprising Abbey Properties, Yoogen and Intelligent Land Investments, consists of a 50MW energy storage system in Fife, Scotland, for which all land rights, grid connections and planning consents have already been secured.
The company will arrange and manage construction of the project, which is scheduled to become operational in 2022.
“We are extremely pleased to announce the acquisition of Ferrymuir which adds a significant asset to our already substantial portfolio of projects. The acquisition highlights Gore Street’s continued delivery against the company’s goals and proves out the extensive growth potential in front of the company, with a total of 900MW’s of future projects in or due to begin construction. The project is our first in Scotland, a very attractive market for energy storage, and adds to a portfolio diversified in markets, assets and counter parties. We are proud to be part of the transition to a low carbon economy, and at the forefront of energy storage as an asset class. We expect to update the market on further acquisitions in Scotland, and England in due course.”Alex O’Cinneide, CEO of Gore Street Capital, the company’s investment adviser.