Gore Street Capital, parent of the UK-focused Gore Street Energy Storage Fund (GSF), has completed the first closing of a fund focused on battery storage investments, primarily in the European Union.
The GS EU Fund SCSp fund has received major commitments, including the European Investment Fund and the Ireland Strategic Investment Fund, among other institutional, strategic and family office entities.
Gore Street is on track for the next interim close and is targeting the final close of the fund by the end of 2026, with a target of €500 million (US$584 million).
The new fund will focus on acquiring, building and operating battery energy storage systems (BESS) projects with a minimum target exposure of 80% to European Union member states.
“The Fund is well timed to benefit from the sharp declines in battery costs, driven by technological improvements and economies of scale, lower entry costs and improved economics of longer life systems,” Gore Street said.
The company is best known for GSF, which has invested mainly in Britain and Ireland, with a handful of smaller assets in Germany and Texas, plus a 200MW/400MWh system in California.
But now the broader European market beyond Britain and Germany has emerged as an attractive opportunity for large-scale energy storage investments, often driven by government-backed long-term capacity acquisition programs that enable longer project durations.
Alex O’Cinneide, CEO of the Portfolio Manager, commented: “The European market is entering a period of significant growth, and we look forward to continuing to play a leading role in shaping its future.”
This onearticle was published for the first time entirely on our sister site, Energy storage.news.
