DNV GL, the world’s largest resource of independent energy experts and certification body, had been selected by Gore Street Capital to undertake a range of technical due diligence services on an 81 MW operational battery storage portfolio. Gore Street Capital, an experienced energy storage private equity investor, is the investment adviser to Gore Street Energy Storage Fund which acquired the portfolio from renewable infrastructure developer, Anesco, in a deal worth GBP 28.2 million.
Located in across Northern England, the portfolio comprises of 14 BYD Company Ltd assets, a leading global storage supplier, in four standalone sites ranging in size from 10 MW to 20 MW and multiple smaller sites totalling 11.2 MW co-located with solar PV assets.
The scope of work that supported the transaction included a technology review of the BYD battery systems and several site visits to validate findings, historic performance review of the battery assets based on operations & maintenance reports and a review of the contracts associated with each battery site. DNV GL also conducted a review of energy capacity degradation on the sites and used a methodology from its proprietary battery degradation modelling tool, BatteryXT, to provide a third-party assessment on how the batteries will degrade over time based on their historic performance.
Prajeev Rasiah, Executive Vice President North Europe, Middle East & Africa at DNV GL – Energy said: “I’d like to congratulate Gore Street Capital on their successful acquisition. It is fantastic to see Gore Street Energy Storage Fund continuing to grow its portfolio of operational storage assets. This acquisition will likely be one of the biggest storage acquisitions in the UK, this year. Our Energy Transition Outlook 2020 forecasts that two thirds of energy generation will come from wind and solar assets. This acquisition demonstrates the continued and growing importance of battery storage assets in providing flexibility solutions and thereby enabling the development of more renewables on the grid in order to help the UK’s fight to become net zero by 2050.”
The acquisition has increased the size of Gore Street Energy Storage Fund’s portfolio of operating assets from 29 MW to 110 MW and its portfolio overall to 320 MW.