EPC Contract signed
14 March 2022
Gore Street, London's first energy storage fund supporting the transition to low carbon power, is pleased to announce that Nidec ASI has been selected to be the EPC (Engineering, Procurement, Construction) contractor for the Company's energy storage assets in Ferrymuir (49.9MW) and Stony (79.9MW). The assets are both of one hour duration, beginning-of-life energy storage systems. Ferrymuir is a project located in county Fife, in Scotland, connecting to the Scottish Power Distribution network. Stony is located in England, close to Milton Keynes, connecting to the Western Power Distribution grid.
The contracts include the EPC agreements and long-term service agreements (O&M) for maintenance and operation, including Availability and Energy Capacity warranties, as well as stringent performance requirements to be demonstrated by Nidec ASI.
The assets are scheduled to be energised in Q4 2022 and both to achieve Commercial Operations Date in February 2023. The assets will operate in Dynamic Containment, FFR (firm frequency response), wholesale and balancing mechanism trading. The assets will also be able to participate in new services made available by National Grid and Distribution Network Operators.
Nidec ASI is a leading company in the development of large-scale electricity storage, offering complete customised solutions which contribute to the development of the energy market.
Nidec ASI, thanks to its know-how, the result of over 150 years of technological innovation and a customised approach, wishes to actively contribute to the transition towards renewable energy, combating climate change and air pollution generated by the continuous increase in CO2 emissions towards a sustainable greener future.
The Legal Entity Identifier of the Company is 213800GPUNVGG81G4O21.
For further information:
Gore Street Capital Limited
Alex O'Cinneide / Paula Travesso / Maria Vaggione
Tel: +44 (0) 20 3826 0290
Shore Capital (Joint Corporate Broker)
Anita Ghanekar / Rose Ramsden / Iain Sexton (Corporate Advisory)
Fiona Conroy (Corporate Broking)
Tel: +44 (0) 20 7 408 4090
J. P. Morgan Cazenove (Joint Corporate Broker)
William Simmonds / Jérémie Birnbaum (Corporate Finance)
Tel: +44 (0) 20 7742 4000
Buchanan (Media enquiries)
Charles Ryland / Henry Wilson / George Beale
Tel: +44 (0) 20 7466 5000
Email: [email protected]
JTC (UK) Limited, Company Secretary Tel: +44 (0) 20 7409 0181
Notes to Editors
About Gore Street Energy Storage Fund plc
Gore Street is London's first listed energy storage fund and seeks to provide Shareholders with a significant opportunity to invest in a diversified portfolio of utility scale energy storage projects. In addition to growth through exploiting its considerable pipeline, the Company aims to deliver consistent and robust dividend yield as income distributions to its Shareholders.