Gore Street buys 90% stake in 22-MW/28-MWh battery in Germany – EQ Mag Pro
Gore Street Energy Storage Fund plc (LON:GSF) said on Friday that it has finalised the acquisition of a 90% stake in a 22-MW/28-MWh operational battery in Cremzow, Germany, in line with its strategy to expand its operations outside of the UK and Ireland.
The UK-based storage-focused fund bought the stake from Enel X Germany GmbH, part of Italian utility Enel SpA (BIT:ENEL) through its advanced energy services business Enel X. German renewables developer Enertrag AG retains its 10% stake in the battery following the transaction, and will support the technical management of the site, Gore Street said.
The Cremzow storage project was developed by Swiss battery maker Leclanche SA (SWX:LECN), Enel Green Power and Enertrag, based on LG Chem lithium-ion batteries.
In the first phase, the system had 2.0 MW of capacity, and was later expanded by an additional 20.0 MW.
The Cremzow battery has been in operation since 2019. The system provides a suite of balancing and frequency services across eight countries and 11 associated transmission network operators (TNOs) in the European grid system, Gore Street added.
The acquisition represents Gore Street’s first investment in Continental Europe. With the new battery under its wing, the fund raised the capacity of its operating assets to 232 MW. Its total portfolio of assets under management rose to 629 MW.
Source: renewablesnow
