Gore Street Capital

Great result by my colleagues in Gore Street Capital! A high-value long-term and stackable contract. Significantly increases our contracted revenue whilst unlike tolling agreements doesn't give our assets away to others to manage; our in-house teams are therefore able to continue to capture other revenue opportunities. Also the start of a great partnership with Goldman Sachs. We are looking forward to a strong final quarter as the portfolio delivers against the targets we laid out to our investors. #energystorage #energytransition #worldleading

As the Investment Manager of the internationally diversified Gore Street Energy Storage Fund (LSE: GSF), we are pleased to share that the Fund has secured a Resource Adequacy contract with J. Aron & Company LLC, a subsidiary of Goldman Sachs for the Company’s California asset, Big Rock. This stackable fixed price contract, worth over $14 million annually, marks a substantial achievement for the largest asset in the Fund’s portfolio. Scheduled to commence in the summer of 2025, this contract is fully stackable, allowing for concurrent revenue streams such as wholesale trading and ancillary services. It is expected to account for up to 40% of the total expected revenue of the asset over the contract life. Due to the long-term fixed-price nature of the contract, it also supports securing project-level debt. The Resource Adequacy contract in California aims to ensure sufficient generation are available to meet the energy system’s supply requirements. The RA contract requires a minimum duration of 4 hours. Therefore, the Fund’s Big Rock asset will utilise 100 MW of RA deliverability. This long-term fixed-price stackable contract will significantly enhance the Fund’s total revenue generation whilst further diversifying revenue streams and providing further stability. It also supports the Fund’s long-term ability to continue distributing dividends to shareholders. You can find out more about the Resource Adequacy contract here: https://lnkd.in/eKTvEVnM #energytransition #batterystorage #finance #renewables #energystorage #climatechange

Recently, the Central Eastern Europe Energy Storage Summit was held in Warsaw, Poland. Thomas Gilles, a Commercial Associate at Gore Street Capital, presented on a panel focused on the outlook of the Polish market for BESS. The panellists explored topics such as the arrival of ancillary services in #Poland, wholesale arbitrage and how these revenue streams compare to Frequency Containment Reserve (FCR). The panel also addressed the policy environment in Poland and the extent to which it supports utility-scale battery energy storage. Thank you to Informa Markets for hosting this insightful discussion. #BESS #energystorage #greenfinance #batteries

I recently had the pleasure of joining some genuine industry experts in a discussion on BESS failures, safety and regulatory challenges. Quite a privilege to be amongst such esteemed company: I hope my (very) high level insight at least added some value! Thanks very much to Firetrace International, a Halma Company for having me as part of their series, and Tamarindo for moderating and managing the process. You can watch the video on Tamarindo’s website, here: https://lnkd.in/efywyn_5 #energystorage #batteries #firesafety #energy Gore Street Capital

As the Investment Manager of Gore Street Energy Storage Fund (LSE: GSF), we are pleased to announce that GSF has finalised an agreement to implement Arenko’s Nimbus software platform across nearly 500MW of operational battery portfolio. This software will provide standardised data, advanced multimarket dispatch, enhanced asset operations capabilities, real-time asset telemetry, performance insights and alerting and reporting capabilities designed to help support technical performance across the portfolio, aligning with our data-driven approach and broader strategy of enhancing analytics for the active management of our managed assets. Arenko’s Nimbus software is compatible with the Accure software implemented at Lower Road and Stony which led to lower insurance premiums due to the software being able to improve safety on site. Rupert Newland, Founder and CEO of Arenko, said: “Gore Street has built one of the most advanced, internationally diversified energy storage portfolios in the world, and we are delighted they have selected Arenko to support the digital transformation of their assets as they enter this next phase of operations. This deal is further evidence of a growing trend among the most advanced asset owners using software to drive performance across their portfolios, projects and stakeholders. Our Nimbus enterprise software is consistently being chosen to support some of the most complex and active asset portfolios across batteries and renewables.” Alex O'Cinneide, CEO of Gore Street Capital, the Investment Manager to GSF, said: "Integrating our operational assets with Nimbus marks an exciting step in our data-driven asset management approach. This integration streamlines our capabilities to optimise projects and enhances the tools available to maximise commercial revenues. In addition, it delivers significant safety benefits and unlocks Opex improvements available from our industry-leading portfolio insurance policy." #energystorage #data #dataanalytics #BESS #software #safety #energytransition 

The closure of Britain’s only remaining coal-fired power plant tonight marks a pivotal step in decarbonising the UK’s energy system. According to the shadow Climate Change and Net Zero secretary, Claire Coutinho, this was attributed to the expanding offshore wind farm capacity. Increased renewable dependence requires a higher equivalent capacity compared to thermal generators due to the intermittency associated with generation. Battery energy storage assets ensure grid stability, which becomes increasingly important as renewable penetration increases.  https://lnkd.in/eNThyKau #energystorage #energytransition #greenergrid #decarbonisation #GB 

We are pleased to announce that Gore Street Capital has successfully completed a fundraising round for its second energy storage fund. This is Japan’s first fund dedicated to grid-scale #energystorage, and will be jointly managed by Gore Street Capital in partnership with the ITOCHU Corporation. The two firms were selected as the managers of the Tokyo Metropolitan Government’s energy creation and energy storage promotion fund following a competitive process held in 2023. The Fund will primarily focus on the #Kanto region to support the growing deployment of renewable energy assets. It will invest in projects during development and subsequently construct and operate the assets. The business case for energy storage in Japan currently relies on a low-risk, 20-year fixed-price contract through the decarbonisation auction. However, a merchant business model offers the potential for higher returns. With a proven track record in managing merchant-based batteries, Gore Street have achieved superior returns in balancing services and wholesale trading across several markets since 2017. In April 2024, Japan introduced new merchant balancing services, marking a shift toward a higher risk-reward model. The Fund is well positioned to deliver strong returns for investors by leveraging ITOCHU Corporation’s project pipeline and experience in the Japanese market, combined with Gore Street's expertise in global energy storage investment, construction, and monetisation. You can read more on the announcement here: https://lnkd.in/ewMTryU2 #japan #investment #finance #greenenergy #greenfinance #diversification #publicprivatepartnerships #decarbonisation #asiapacific #gridstability #renewables

In our latest blog, we detail Japan’s commitment to a green energy transition through supporting investment in battery energy storage systems (BESS). Japan’s market for BESS mirrors that of the Great Britain grid, with revenue available for wholesale trading, capacity market and grid balancing. Japan is in a growth stage with respect to battery energy storage, as illustrated by the launch of additional balancing services this year. This marks an attractive opportunity for energy storage funds. In December 2023, the Tokyo Metropolitan Government appointed Gore Street Capital, alongside ITOCHU, to manage Japan’s first fund dedicated to grid-scale energy storage systems.   You can read our full blog here: https://lnkd.in/e5dZBny5 #energystorage #diversification #renewables #japan #greentransition #climatechange

Dr Alex O'Cinneide, CEO of Gore Street Capital, participated as a panellist at the Infrastructure Investor London Summit 2024, held last Thursday. The panel discussed the challenges related to power generation and transmission, with a focus on the impact of deglobalisation, geopolitics, and the complexities surrounding grid connections. Additionally, the conversation explored whether renewable energy sources can meet the increasing demand and how investors can responsibly engage in alternative energy investments. #energytransition #energystorage #renewableenergy #environment