RES Offloads 80 MW Storage to Gore Street
Construction-ready energy storage project in Milton Keynes in England is slated to go live by Q1 2023
RES has completed the sale of an 80MW energy storage project in the UK to Gore Street.
The construction-ready energy storage project is located in Milton Keynes, England and has an expected total capital expenditure of £30m spread over the next 12 to 15 months.
The project is scheduled to become operational in Q1 2023, though Gore Street is exploring ways to potentially bring this target forward.
At 80MW, the battery will be one of the single largest energy storage assets in the UK.
Gore Street said it has also entered into exclusivity on over 300MW of assets which are currently subject to due diligence and are expected to close in the coming months.
These projects are with “leading developers and present opportunities for acquiring assets at highly competitive prices”.
Gore Street said capital expenditure would be staggered over a 12-to-18-month period and are dependent on certain milestones being achieved.
In total, the Company now has over 1GW in its pipeline across the UK, Europe and North America.
Alex O’Cinneide, CEO of Gore Street Capital, said: “We are very pleased to announce the acquisition of this exceptionally high-quality 80MW construction ready project in the UK, which adds one of the UK’s largest assets planned for development to our leading portfolio of energy storage assets.
“At 520MW this is the largest portfolio available to a financial investor and one which has the youngest portfolio of assets, and most cost-effective acquisition history in the market.
“This latest project again highlights the strength of our management team in being able to identify and secure exclusivity on important infrastructure assets at extremely competitive pricing, through our active asset management approach.”