Investment fund buys 50MW Scottish energy storage project

The plant is scheduled to become operational in 2022

Investment fund Gore Street Energy Storage has announced it has sealed an agreement to buy a 50MW energy storage project in Fife, Scotland.

The fund, which invests in utility-scale energy storage projects primarily located in the UK, will arrange and manage the construction of the energy storage system.

The plant is scheduled to become operational in 2022 and brings the firm’s acquisition and pipeline portfolio to 239MW.

CEO Alex O’Cinneide noted: “The project is our first in Scotland, a very attractive market for energy storage and adds to a portfolio diversified in markets, assets and counterparties. We are proud to be part of the transition to a low carbon economy, and at the forefront of energy storage as an asset class.”

The project is part of the 14MW project pipeline for which the fund announced exclusivity in February.

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