Gore Street has announced the energisation is on schedule for its Drumkee project, a 50MW installed capacity project located in Northern Ireland. Drumkee is now the largest energy storage project in Ireland and will contribute significantly towards local climate changes goals.
Mullavilly, Gore Street’s second 50MW project located in Northern Ireland is expected to be energised in December. Both Drumkee and Mullavilly (“the Projects”) are expected to be commissioned and operational in Q1 2021. This would bring Gore Street’s operational portfolio to a total installed capacity of 210MW. Notwithstanding the COVID lockdown and severe restrictions on movement, both Project completion dates currently remain on schedule and budget.
The DS3 contracts available for these assets underpin attractive return profiles which are expected to exceed the Company’s 10% unlevered target IRR for portfolio assets.
Gore Street has partnered with Low Carbon to jointly own and operate the Projects. The successful energisation of the Drumkee site has been achieved due to the combined efforts of Gore Street, Low Carbon SONI, Northern Ireland Electricity Networks, G2 Energy, NEC and SMA.
Alex O’Cinneide, CEO of Gore Street Capital, the Company’s investment manager, commented:
“We are delighted to announce the energisation of Drumkee, the largest energy storage asset on the national electricity grid, an important milestone for local climate change goals. Both this asset and Mullavilly which remains anticipated to be energised in December will benefit from highly attractive DS3 contracts and from a highly attractive return profile.
Gore Street has always had an active approach to managing our portfolio assets with a pipeline of projects under development. We believe this asset demonstrates the Company’s sector-leading expertise in the process of taking an important project through the complex development cycle to energisation, creating local jobs, developing critical grid infrastructure and generating value for our shareholders.”
Roy Bedlow, Chief Executive and Founder of Low Carbon said: “This landmark project will increase Northern Ireland’s battery storage network by 50MW and forms part of Low Carbon’s pledge to deliver renewable energy at scale. Often overlooked, battery storage paves the way for a renewable-powered future.
With an advanced pipeline of more than 4GW, enough to power 1.2 million homes, we look forward to building on this commitment and working with more organisations, such as Gore Street Energy Storage Fund, on the journey to climate neutrality”.
Image source: Courtesy of Gore Street Capital
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