Low Carbon agrees sale of Irish storage portfolio to Gore Street

Announcement reinforces Low Carbon’s track record of working with its partners to develop, build and operate utility scale storage in Ireland

Global renewable company Low Carbon is pleased to announce the sale of a portfolio of Irish storage assets to Gore Street Energy Storage Fund plc, the internationally diversified energy storage fund.

Gore Street has acquired the remaining 49% stake from Low Carbon in two of its existing Irish projects: Porterstown, a 90MW2 asset, and Kilmannock, a 120MW3 construction asset. Additionally, the Company has exercised its option with Low Carbon to acquire a 51% stake in Project Mucklagh, a 75MW pre-construction energy storage project located in the Republic of Ireland. The Project has a target energisation date of 2028.

Steve Mack, Chief Investment Officer at Low Carbon, commented:

“We are delighted to close this sale transaction on our portfolio of Irish storage assets with Gore Street, who are a long-term strategic partner for Low Carbon in the Irish renewables market. Low Carbon were one of the first movers to develop, build and operate utility scale battery storage in Ireland and this announcement reinforces our track record in delivering exceptional assets and operational performance across our portfolio.

“Furthermore, these assets will play an important role in Ireland’s energy mix and act as a building block paving the way for more clean energy to come online helping the country to make progress on its climate change objectives.”

Pat Cox, Chair of Gore Street Capital Limited's Board, commented:

“We are very pleased to further strengthen the Company’s relationship with long-term partner Low Carbon, a key partner for the Company since its first international expansion back in 2019. The development platform joins an increasingly varied selection of entities on the Company’s register, ranging from wealth managers, institutional and retail investors to other strategic corporations like Nidec, which built upon its existing relationship with the Company in December. This diversity of holders ensures the Company continues to maintain strong partnerships to support its activities across multiple energy storage markets.”

Alex O'Cinneide, CEO of Gore Street Capital Limited, the Company's investment manager, commented:

“This share issuance and acquisition cements our continued commitment to the Irish Market, which has proved very successful for the Company, illustrating the value of the original agreement secured by the Investment Manager in 2019.

“The benefits of the multi-year agreement with Low Carbon have now entered a new stage for the Company as it extends ownership over operational projects in the Republic of Ireland while adding more capacity from Low Carbon’s development pipeline. The innovative structure of this ongoing strategic partnership ensures all parties remain motivated to achieve success and maintain the Company’s position as a leader in Ireland’s energy storage market.

“The capacity covered by the latest agreement joins a well-balanced portfolio with access to a diversified revenue base that is key to the Company’s continued growth, alongside considerably low borrowing and healthy balance sheet. We are constantly evaluating the Company’s exposure to the markets in which it operates to ensure the portfolio is correctly positioned and optimised to deliver best value for investors. As we build out more capacity in the coming 12 months and beyond, the value of this approach will continue to be demonstrated.”

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Harry Padfield


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