Gore Street Energy Storage Fund is buying a 200MW energy storage project in the US from Avantus in a $110m (€102m) deal.
The London-listed energy storage fund said it has agreed to acquire the Big Rock project located in Imperial County, California. The project will be connected to the California Independent System Operator (CAISO) grid.
The deal represents Gore Street Energy Storage Fund’s first acquisition in the CAISO grid, and the fund’s largest US acquisition.
Gore Street Energy Storage Fund will now hold a 1,173.2MW portfolio consisting of 27 projects of operational and construction assets across the UK, Ireland, Germany and the Electric Reliability Council of Texas and CAISO grids.
Patrick Cox, chair of the Gore Street Energy Storage Fund board, said: “This is the company’s first acquisition in the Californian market and follows our successful entry into the energy storage markets of Texas and Germany in 2022.
“With this acquisition, the company is now diversified across five high-growth grids, underpinning our push into international markets, where we continue to see attractive new investment opportunities in line with our target returns.”
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