HubsBaker Botts Represents Gore Street Energy Storage Fund in Acquisition of Two Additional UK Energy Storage Projects
Release
Deal Description: 20 September 2018 -- Gore Street Energy Storage Fund ("Gore Street"), London's first listed energy storage fund investing in income producing assets in the UK and internationally, announced today the acquisition of two additional UK energy storage projects with a combined installed capacity of 19 MW. This is Gore Street's first investment following the acquisition of the two seed assets in June 2018 and the successful IPO of the fund on 25 May 2018 ("IPO"). With this acquisition the Gore Street portfolio now consists of 4 assets totalling 29MW. With a deep pipeline of assets in or nearing exclusivity Gore Street is well positioned to lead in this market.
The two projects are located at Lower Road in Brentwood, Essex and at the Port of Tilbury in London. Lower Road will be a 10MW "front of the meter" project and Port of Tilbury will be a 9MW "behind the meter" project co-located with London's Port of Tilbury industrial port facility.
Both projects were acquired from Origami Energy and are 100% owned by Gore Street. They have in place all land rights, planning and other consents and grid access rights necessary to start construction and enter operations. Construction will commence shortly, and the projects will be operational in Q2 2019.
These acquisitions follow the purchase of a seed portfolio of two operational assets, Boulby and Cenin, in June 2018 through a special purpose vehicle with a mixture of equity and debt for a total consideration of £7.3 million.
Baker Botts represented Gore Street in this transaction.
Baker Botts Lawyers/Office Involved: Lewis Jones (Partner, London); George Salter (Associate, London); Naomi Pakenham (Associate, London) and Melanie Sharpe (Special Counsel, London).
The two projects are located at Lower Road in Brentwood, Essex and at the Port of Tilbury in London. Lower Road will be a 10MW "front of the meter" project and Port of Tilbury will be a 9MW "behind the meter" project co-located with London's Port of Tilbury industrial port facility.
Both projects were acquired from Origami Energy and are 100% owned by Gore Street. They have in place all land rights, planning and other consents and grid access rights necessary to start construction and enter operations. Construction will commence shortly, and the projects will be operational in Q2 2019.
These acquisitions follow the purchase of a seed portfolio of two operational assets, Boulby and Cenin, in June 2018 through a special purpose vehicle with a mixture of equity and debt for a total consideration of £7.3 million.
Baker Botts represented Gore Street in this transaction.
Baker Botts Lawyers/Office Involved: Lewis Jones (Partner, London); George Salter (Associate, London); Naomi Pakenham (Associate, London) and Melanie Sharpe (Special Counsel, London).
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