Gore Street Energy Storage (GSF) has announced that it has reached an agreement to acquire 100% interest in Ferrymuir Energy Storage, a 50MW energy storage project.
Project takes GSF’s total portfolio size to 239MW
The project has been acquired from a group of investors comprising Abbey Properties, Yoogen and Intelligent Land Investments, consists of a 50MW energy storage system in Fife, Scotland. GSF notes that all land rights, grid connections and planning consents have already been secured.
GSF will arrange and manage construction of the project, which is scheduled to operationalise in 2022.
The project takes GSF’s total portfolio size to 239MW and is part of the 140MW GB storage pipeline in Scotland for which the company announced exclusivity on 28 February 2020. As previously announced, the Company has also secured exclusivity on a new 20MW asset near London which is also undergoing due diligence with a view to acquisition in the near term. In total, the company now has an additional 900MW in exclusivity and/or pipeline.
Alex O’Cinneide, CEO of Gore Street Capital (GSF’s investment advisor), noted: “We are extremely pleased to announce the acquisition of Ferrymuir which adds a significant asset to our already substantial portfolio of projects. The acquisition highlights Gore Street’s continued delivery against the company’s goals and proves out the extensive growth potential in front of the company, with a total of 900MW’s of future projects in or due to begin construction. The project is our first in Scotland, a very attractive market for energy storage, and adds to a portfolio diversified in markets, assets and counter parties. We are proud to be part of the transition to a low carbon economy, and at the forefront of energy storage as an asset class. We expect to update the market on further acquisitions in Scotland, and England in due course.”
GSF: Gore Street Energy Storage announces 50MW Scotland project