Gore Street Energy Storage Fund will acquire Big Rock, a 200MW/400MWh energy storage project in Imperial County, California.
This will be the company’s first investment in the state, expanding its revenue streams and geographic exposure.
The project will be connected to CAISO, one of nine independent system operators (ISO) which provide electricity to 80% of California and a small part of Nevada.
The acquisition cost, including capital expenditure, is around $110 million. Following the conclusion of the deal, Gore Street's cash position will be some £144 million, of which £66 million is committed through contractual obligations to the construction of portfolio projects.
Gore Street's 27 projects will have a combined operational and construction capacity of 1,173MW once the acquisition completes.
The project has secured material land rights, planning consents and a grid connection scheduled for H2 2024.
Patrick Cox, chair of the GSF Board, said: "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. We look forward to updating the market over the next 18 months as 361.7 MW of projects are set to become operational across Great Britain, Ireland and Texas."
