LONDON, UK: Gore Street, London’s first energy storage fund supporting the transition to low carbon power, will buy a portfolio of eight energy storage assets in Texas from Perfect Power Solutions Texas, LLC (PPST), a portfolio agency of SER Capital Partners, and an affiliate of Perfect Power, LLC.
The portfolio consists of eight 9.9 MW storage projects totalling 79.2 MW. Three of the projects – that are every 2-hour duration / 20 MWh systems – have been working since September 2021 and the remaining 5 ought to enter operation inside twelve months, delivering an anticipated total portfolio of c.160 MWh.
Following the acquisition, the Company will have 262 MW in working assets, and a complete portfolio of 708 MW, together with the 28 MWh German acquisition introduced final week.
The PPST portfolio is Gore Street’s first US investment, and additional diversifies the Company’s income streams and geographic exposure.
The PPST assets take part in Electric Reliability Council of Texas (ERCOT) which provides electrical energy to most of the state and is one of 4 main grid interconnections in North America. Texas has considerably elevated the deployment of intermittent renewable energy while baseload thermal generation is being retired throughout the state.
The assets assist to balance ERCOT’s grid by offering ancillary services, primarily through Response Reserve Service (“RRS”) market. In addition, the assets can take part in Day Ahead / Real Time Trading to seize market and system wide volatility.
The three operational websites use LG Energy Solutions lithium-ion batteries. The operational projects’ modular design and unused land in site may current future expansion alternatives to increase the assets in each energy and energy capacity.
The events to the transaction have signed the acquisition settlement and the acquisition is anticipated to shut inside 30 days topic to satisfaction of lease, grid, and allowing conditions.
Alex O’Cinneide, CEO of Gore Street Capital, the Company’s funding manager, commented: “We are happy to have the ability to announce a additional landmark worldwide acquisition shortly after our entry into the energy storage market in continental Europe, highlighting the manager’s ability to buy worth accretive assets throughout the globe.
The acquisition additional underpins our push into worldwide markets, the place they exhibit the identical beneficial traits as in GB and Ireland, assembly our returns criteria.
We have been looking at each the European and US markets for a significant interval to evaluate the best entry points. The electrical energy grids of particular person states act as islands, in lots of methods like GB and Ireland, with their very personal challenges and opportunities.
This acquisition presents a brand new high-quality counterparty, ERCOT, for our services inside a significant market managing the flow of electrical energy to greater than 26 million Texan customers.
The portfolio itself presents a mix of operational and development assets which provides immediate income producing assets to our portfolio, while offering the chance to utilise our confirmed in home technical and development capabilities to ship systems at a aggressive cost in an attractive market.”
Gore Street is London’s first listed energy storage fund and seeks to current Shareholders with a significant alternative to make investments in a diversified portfolio of utility scale energy storage projects. In addition to growth through exploiting its appreciable pipeline, the Company goals to ship constant and robust dividend yield as income distributions to its Shareholders.
SER Capital Partners is an independent, middle-market private fairness agency devoted to investing in North American sustainable industrial, environmental, and renewable businesses. Its management team has significant expertise building, leading, investing in, and exiting companies that additional efforts for decarbonization and a round economy. SER seeks to create significant financial worth and measurable sustainability advantages in partnership with talented administration teams. www.sercapitalpartners.com.