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Baker Botts Represents Gore Street Energy Storage Fund in Securing Significant EPC Contracts


Deal Description: On January 10, 2020, Gore Street Energy Storage Fund (ticker: GSF), London's first listed energy storage fund investing in income producing assets in the UK and internationally, awarded to NEC Energy Solutions fixed-price [1] Engineering, Procurement and Construction ("EPC") contracts and long-term Operations and Maintenance (O&M) contracts for 100MW of energy storage projects in Northern Ireland ("NI assets).

The 100MW of energy storage will comprise two 50MW projects located in Drumkee, County Tyrone and Mullavilly, County Armagh. The two projects, which are currently under construction, are the largest projects to date in Northern Ireland and are expected to derive revenue from the new Irish “Delivering a Secure Sustainable Electricity System” (DS3) program.

Under the EPC and O&M contracts, NEC Energy Solutions has committed to construct the projects at a fixed price [1] by a specified completion date, to provide for performance and availability warranties and to operate the projects for up to 15 years. The combination of fixed prices [1], warranties backed by liquidated damages and guaranteed completion dates further de-risk these projects.

Baker Botts L.L.P. represented Gore Street Energy Storage Fund.

The transaction was led by London based Global Projects partners Lewis Jones and Stuart Jordan, supported by associate, Naomi Pakenham.

For more information, please see GSF’s news release by clicking here.

[1] Subject to potential rights to price adjustment based on client variations

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