Gore Street Energy Storage Fund plc has completed the sale of two pre-construction energy storage assets in Ireland to an affiliated fund managed by its investment adviser. The 120 MW/240 MWh Kilmannock site and the 75 MW/150 MWh Mucklagh site were transferred to GS EU Fund SCSp, a client of Gore Street Investment Management, for a consideration of no less than the assets' latest net asset value.
The disposals were executed under information barriers due to the shared manager between seller and buyer. Independent third-party valuations were applied to the transaction, with Alexa Capital serving as sell-side adviser and overseeing a competitive bidding process. The sale proceeds will support Gore Street's capital allocation plan, which includes shareholder distributions and reinvestment in asset augmentation.
The company outlined a fiscal 2026/27 target of £25 million in gross disposal proceeds, approximately 100 MWh of augmentation capacity, and a 7 pence per share distribution. The Kilmannock project had been held by Gore Street with a 100% stake split into a 30 MW Phase I and 90 MW Phase II, while Mucklagh was held at 51%, equivalent to 38.25 MW adjusted for ownership.
Gore Street is also advancing augmentation projects at its Stony and Ferrymuir sites in Great Britain, extending their duration from one hour to two hours. These upgrades, totaling 129.8 MW, are scheduled for completion by December 2026. The company has two additional asset sale processes underway, including the German Cremzow project.
Angus Gordon Lennox, Chair of Gore Street Energy Storage Fund, stated that the disposals represent the first transactions completed under the strategy announced in March 2026.
