18th Oct 2019 09:17
(Alliance News) - Gore Street Energy Storage Fund PLC on Friday said its 9.0 megawatts capacity project at the Port of Tilbury, located in Essex, England, is now operational and producing regular income.
The energy storage fund said this now almost doubles the size of its operational asset base to 19 megawatts. The Port of Tilbury project is using batteries from NEC Energy Solutions and it was developed by Origami Energy Ltd, the fund said.
"We are delighted that our 9 megawatts project at London's Port of Tilbury is now operational on schedule and directly contributing to the Company's revenue," said Alex O'Cinneide, chief executive of Gore Street Capital, the fund's investment adviser.
The behind-the-meter energy storage project benefits from a diversity of income sources including Triad revenue, a secured fast frequency response contract and a capacity market contract, explained Gore Street Energy Storage.
In addition, the company said it anticipates that its 10 megawatts project at Lower Road, also in Essex, will become operational before the end of 2019.
"The considerable increase in the size of the company's portfolio and the strength of these investment pipelines is a clear testament to the recognised leading expertise within the team at Gore Street Capital," added O'Cinneide.
The stock was untraded in London on Friday, last closing at 94.00 pence a share.
By Evelina Grecenko; [email protected]
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