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LONDON (Alliance News) - Gore Street Energy Storage Fund PLC said Wednesday it has finalised fully-wrapped engineering, procurement and construction contracts for two of its UK energy storage projects.
Gore Street confirmed that NEC Energy Solutions is the provider.
The energy storage fund said the two projects - the 10 megawatt Lower Road and 9 megawatt Port of Tilbury - will deliver internal rate of returns in line with targets, which is in the 10% to 12% range, given the terms of the contracts.
Construction will start at the Port of Tilbury, in London, in December and at Lower Road, in Essex, in January, with both projects expected to become commercially operational in mid-2019.
Under the EPC contracts, NEC Energy will provide a 15-year warranty as well as capacity and availability assurance plans.
Gore Street said over 50% of its funds are now committed.
The fund also said it is is negotiations "on a significant number of other projects several of which are under exclusivity".
Shares in Gore Street Energy Storage Fund were untraded Wednesday but last closed at 97.00 pence each.
