Ireland’s Strategic Investment Fund (ISIF) is one of the state-backed investors to commit capital to an energy storage fund launched by Gore Street Capital.
Based in the UK, Gore Street is a specialist private equity fund manager with 1.4GW of battery assets under management.
The GS EU Fund has set a fundraising target of €500 million which it hopes to reach by year-end.
The article 9 fund will focus on acquiring and managing battery storage projects with 80% minimum target exposure to EU member states.
According to Gore Street, the fund launch is designed to capitalise on sharp declines in battery costs, reduced entry costs and the improved economics of longer duration systems.
Alongside ISIF, the European Investment Fund is another cornerstone investor.
