LONDON, United Kingdom – 23 October 2018 – DNV GL today announced that it acted as technical advisor to Gore Street Energy Storage Fund Plc (“GSF”) ahead of the company’s 19MW battery storage acquisition from Origami Energy. Private equity investor, Gore Street Capital is the investment adviser to Gore Street Energy Storage Fund, the world’s first publicly listed battery storage fund. GSF’s latest acquisition of the 10 MW Lower Road U.K. project in Essex and the 9 MW Port of Tilbury brings its total portfolio to 27 MW across four projects.
DNV GL’s team of energy storage experts provided technical advice and due diligence during negotiations with Origami Energy and the battery supplier, which featured an independent engineering review of the technical details of the project and associated companies. The project focussed on the technical risks to ensure that future revenue streams can be met. DNV GL’s annual report, the Energy Transition Outlook, forecasts a very significant growth in battery capacity installed specifically to cope with variable renewables: around 50 TWh by 2050.
Speaking about the projects, Alex O’Cinneide, CEO of Gore Street Capital said: “We are excited about the opportunities presented by these two high quality projects to generate a reliable and robust income opportunity for GSF’s investors in this growing new renewable technology infrastructure market”
Prajeev Rasiah, Executive Vice President for DNV GL’s Energy business in Northern Europe, Middle East & Africa said; “It was a pleasure to support Gore Street Capital with this transaction. Energy storage is one of the central elements of our own strategy and we see it playing an increasingly important role in the energy system. Gore Street Capital has great aspirations for deploying storage and DNV GL is very excited to be supporting the team in delivering those goals.”