LONDON, UK: Gore Street has accomplished the acquisition of a 90% stake in a 28 MWh operational energy storage asset based in Cremzow, Germany.
The acquisition of an asset in mainland Europe signifies an thrilling alternative for Gore Street, because it diversifies its publicity to new income streams throughout the inter-connected European grid network. Cremzow has been working since 2019; offering a critical suite of balancing and frequency services throughout eight countries and eleven related Transmission Network Operators (TNOs) within the European grid system.
Cremzow can take part in wholesale and intra-day arbitrage, presenting additional income stacking alternatives similar to GB and Irish markets. In addition, the intent by the EU to decrease co-dependency on gas and different fossil fuels, reinforced by the present Ukraine crisis, will likely additional improve the already urgent want for energy storage infrastructure within the region.
The acquisition represents step one in Gore Street’s introduced technique to diversify past the UK and Irish markets. Following the acquisition, the Company’s working assets will have elevated to 232 MW, and total portfolio assets under administration elevated to 629 MW.
The site was developed in two stages by Leclanche, Enel Green Power and Enertrag, beginning with an preliminary 2.0 MW asset and adopted by an additional 20.0 MW expansion.
The system is based on LG Chem lithium-ion batteries. LG Chem is a number one battery provider and existing relationship of Gore Street. Enertrag, a number one German renewable developer, will retain a 10% stake and can support the technical administration of the project.
The asset was bought from Enel X Germany Gmbh, a subsidiary of Enel X, which is Enel Group’s global enterprise line offering services that speed up innovation and drive the energy transition, which manages demand response for round 7.7 GW of total capability globally.
Alex O’Cinneide, CEO of Gore Street Capital, the Company’s funding manager, commented: “The Company has, as a half of its growth plans, achieved worldwide expansion firstly in 2019 with our transfer into the Irish energy system, and now in 2022 into mainland Europe. Gore Street has a distinctive skill set, drawing on our first mover benefit in GB, in proudly owning and working an worldwide portfolio, and can proceed to aggressively pursue critical markets such as Germany.
This is a landmark acquisition with compelling fundamentals which not solely demonstrates our entry into new markets however additionally will increase our operational money producing assets, and additional diversifies Gore Street’s portfolio. We are very happy to have labored with ENEL on this transaction and look ahead to persevering with to partner with Enertrag to optimise the asset going forwards.
Energy storage is an ever-increasing infrastructure requirement, and we will proceed to hunt out the best alternatives from our appreciable pipeline throughout our key markets.”
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