Gore Street Energy Storage Fund chooses EDF for battery optimisation of new 80MW asset
- Gore Street Energy Storage Fund has selected EDF to optimise new 80MW battery asset.
- The energisation process for Stony, located in Milton Keynes, began on 31 July 2023.
- Deployment of this asset is part of a pipeline of new projects that will take Gore Street Energy Storage Fund’s operational energy storage portfolio to in excess of 370MW.
Gore Street Energy Storage Fund (GSF), London’s first internationally diversified fund dedicated to facilitating the energy transition through deployment of energy storage, has selected EDF, Britain’s biggest generator of zero carbon electricity, as its trading and optimisation partner for a new 80MW battery energy storage system (BESS).
The agreement will see EDF optimise the Stony BESS through its market-leading Powershift platform, providing access to a variety of revenue streams including the Balancing Mechanism, wholesale optimisation and ancillary services, alongside leveraging EDF’s trading expertise.
This is the third contract GSF has awarded EDF, which already manages the trading and optimisation for both the 20MW Lascar and 20MW Hulley BESS assets.
EDF is a leading provider of route-to-market services for storage developers and investors and is committed to the long-term future of energy storage systems, with more than 950MW of battery optimisation contracts signed.
With existing installed capacity close to 110MW online in GB as part of a 292MW operational portfolio across four international energy markets, GSF is recognised as one of the leading battery operators.
Stuart Fenner, Director of Wholesale Market Service Commercial, at EDF said: “We are very pleased that Gore Street Energy Storage Fund has once again chosen EDF as its trading and optimisation partner and we are committed to continuing to strengthen our relationship into the future. This partnership will provide essential flexibility to the energy system and reinforces EDF’s commitment to helping Britain achieve net zero.”
Alicja Kowalewska-Montfort, Technical Principal at Gore Street Capital, the investment manager of Gore Street Energy Storage Fund, said: “EDF has a strong track record with two of our existing assets, making the agreement to take on Stony a natural progression based on consistently good performance. Its commercial offer represented best value for Gore Street Energy Storage Fund, and we look forward to building on our joint success with the fund’s biggest GB asset to date.”
For media enquiries: firstname.lastname@example.org
Notes to editors
EDF is helping Britain achieve Net Zero by leading the transition to a cleaner, low emission, electric future and tackling climate change. It is the UK’s largest producer of low-carbon electricity(1) and supplies millions of customers with electricity and gas.
It generates low carbon electricity from five nuclear power stations and more than thirty onshore wind farms and two offshore wind farms.
EDF is leading the UK's nuclear renaissance with the construction of a new nuclear power station at Hinkley Point C, and there are advanced plans for a replica at Sizewell C in Suffolk. Hinkley Point C and Sizewell C will provide low carbon electricity to meet 14% of UK demand and power around 12 million homes.
EDF is one of the UK’s largest investors in renewables, with more than 1GW of renewable generation in operation and over 5GW in construction, planning and development across a range of technologies including onshore and offshore wind, solar and battery storage. We are constructing our largest offshore wind farm in Britain – the 450 MW Neart na Gaoithe project in Scotland.
EDF is helping its customers, both in business and at home, take their first steps to sustainably powering their lives. Whether it is buying an electric car, generating and storing electricity, selling energy back to the grid or installing a heat pump. EDF is one of the largest suppliers to British business and a leading supplier of innovative energy solutions that are helping businesses become more energy independent. In addition, the company’s energy services business, Imtech, is one of the largest technical service providers in the UK and Ireland.
EDF is part of EDF Group, the world’s biggest electricity generator. In the UK, the company employs around 11,000 people at locations across England, Scotland, Wales and Ireland.
EDF is a leading provider of battery optimisation and trading services in the UK, delivering market leading performance by leveraging the latest in AI optimisation technology and in-house battery trading expertise. EDF has currently contracted more than 950MW of battery storage in Great Britain.
About Gore Street Energy Storage Fund
Gore Street Energy Storage Fund plc (“GSF” or “the Company”) is London’s first internationally diversified listed energy storage fund, launched in May 2018. It holds a portfolio totalling 1.17 GW spread across battery storage facilities in Great Britain and Ireland, Western Mainland Europe and the US. It is listed on the Premium Segment of the London Stock Exchange and included in the FTSE All-Share Index.
Energy storage technologies can enhance power system stability and flexibility and are, therefore, key tools for balancing out variability in renewable energy generation to integrate higher levels of clean energy supply into power grids. In this way, energy storage is critical to the renewable and low-carbon energy transition.
About Gore Street Capital
Gore Street Capital was formed in 2015 as a global platform to acquire and manage renewable energy solutions. As an experienced renewable energy, infrastructure, and private equity investment manager, it supports robust businesses and high-performing assets that contribute towards the transition to a low-carbon economy.
In 2018, Gore Street Capital created the UK energy storage investment class, listing Gore Street Energy Storage Fund (LSE: GSF) on the premium segment of the London Stock Exchange. As the Investment Manager of GSF, it has played a material impact in the growth of GSF from £30m to finance the acquisition of a 10 MW seed portfolio in Great Britain to a market cap of over £502m.
Gore Street Capital comprises a team of almost 40 energy professionals in GB, Ireland and the US working across finance, construction, engineering, legal and more as it continually brings roles in-house to support the fund. It believes energy storage is crucial in the fight against climate change.