Business
Operational Energy Storage Acquisition in Germany
Operational Energy Storage Acquisition in Germany.
About this update from Gore Street Energy Storage Fund Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5946D\n Gore Street Energy Storage Fund PLC\n 04 March 2022\n \n \n \n 04 March 2022\n \n Gore Street Energy Storage Fund plc\n (the \"Company\" or \"Gore Street\")\n \n Operational Energy Storage Acquisition in Germany\n \n First Investment in Continental Europe\n \n Gore Street, London's first listed energy storage fund supporting the transition to a low carbon economy, is pleased to announce that, in line with its mandate to expand outside of the UK and Ireland, it has successfully completed the acquisition of a 90% stake in a 28 MWh operational energy storage asset based in Cremzow, Germany (the \"Acquisition\").\n \n The acquisition of an asset in mainland Europe signifies an exciting opportunity for Gore Street, as it diversifies its exposure to new revenue streams across the inter-connected European grid network. Cremzow has been operating since 2019; providing a critical suite of balancing and frequency services across eight countries and eleven associated Transmission Network Operators (TNOs) in the European grid system. Cremzow can participate in wholesale and intra-day arbitrage, presenting additional revenue stacking opportunities similar to GB and Irish markets. In addition, the intent by the EU to diminish co-dependency on gas and other fossil fuels, reinforced by the current Ukraine crisis, will likely further enhance the already pressing need for energy storage infrastructure in the region.\n \n The Acquisition represents the first step in Gore Street's announced strategy to diversify beyond the UK and Irish markets. Following the Acquisition, the Company's operating assets will have increased to 232 MW, and total portfolio assets under management increased to 629 MW.\n \n The site was developed in two stages by Leclanche, Enel Green Power and Enertrag, starting with an initial 2.0 MW asset and followed by an additional 20.0 MW expansion. The system is based on LG Chem lithium-ion batteries. LG Chem is a leading battery supplier and existing relationship of Gore Street. Enertrag, a leading German renewable developer, will retain a 10% stake and will support the technical management of the project.\n \n The asset was purchased from Enel X Germany Gmbh, a subsidiary of Enel X, which is Enel Group's global business line offering services ...