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Gore Street Energy Storage Fund (GSF) has acquired an 81MW battery storage portfolio from renewable developer Anesco for £29.2 million.
The purchase forms part of a wider agreement between the two companies that will see Anesco continue to provide operations, maintenance and optimisation services for the batteries as well as other assets owned by the fund.
The deals covers a total of 14 battery storage facilities across the UK ranging in capacity from 1MW to 20MW and will bring the total size of Gore Street’s battery portfolio to 320MW.
Anesco chief executive Mark Futyan said: “As pioneers of the UK’s energy storage market, we developed these assets when the market was still in its infancy.
“Now it has developed and stabilised, it is the right time to release them; allowing us to focus fully on our services model. This was always our intention and the proceeds of the sale will be used to fuel growth, by enabling us to expand our existing services, while bringing new projects into being.”
Alex O’Cinneide, the chief executive of Gore Street Capital which manages the fund, said: “We are delighted to partner with Anesco on this deal and these assets significantly increase the size of the operational portion of our existing portfolio of energy storage assets.
“Working with specialist developers such as Anesco has enabled us to create a major portfolio of assets available to the financial investor through a London listed fund. These assets provide an essential service in balancing the grid and aid the transition to large scale intermittent renewable generation to meet global emissions targets.”
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