10th Jan 2020 10:23
(Alliance News) - Gore Street Energy Storage Fund PLC said Friday it has awarded a fixed price engineering, procurement & construction contract for its energy storage project in Northern Ireland to NED Energy Solutions.
Gore Street has also awarded long-term operations & maintenance contracts for the 100 megawatt projects to the same firm.
The two 50 megawatt projects in Drumkee, County Tyrone, and Mullavilly, County Armagh, are among the largest in Ireland, Gore Street said.
"These projects, alongside the two 30 megawatt projects owned by the company, in the Republic of Ireland, will participate in the 'Delivering a Secure Sustainable Electricity System' market and will make a significant contribution to Ireland's climate change goals," Gore Street added.
Under contracts, NEC Energy Solutions has committed to construct the projects at a fixed price by a specified completion date, to provide for performance and availability warranties and to operate the projects for up to 15 years.
"The combination of fixed prices, warranties backed by liquidated damages and guaranteed completion dates further de-risk these projects," Gore Street said.
Alex O'Cinneide, chief executive of Gore Street Capital, the company's investment manager, added: "We are pleased to deliver this significant positive news and major milestone in the development of our important Northern Irish assets on schedule. We look forward to working with our partners NEC Energy Solutions again and collaborating on our first tranche of projects with the developer, Low Carbon."
The projects are expected to be commissioned in the first quarter of 2021.
Shares in Gore Street Energy Storage Fund were 0.3% higher in London on Friday at 96.80 pence each.
By Paul McGowan; [email protected]
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