Gore Street acquires 200MW Californian storage project

London-based Gore Street Energy Storage Fund has made its first acquisition in the Californian market after agreeing a deal to acquire Big Rock, a 200 MW / 400 MWh energy storage project located in Imperial County.

The project acquisition costs, including capex spent on or around the closing date, is approximately $110 million, including development fees and milestone payments to date for an EPC contract of all battery cells.

The project will be connected to CAISO, one of nine independent system operators (ISO) in North America. The CAISO grid provides electricity to 80 per cent of California and a small part of Nevada.

The project will be eligible to benefit from an investment tax credit for up to 30 per cent of qualifying capital expenditure via the Inflation Reduction Act, which was passed in late 2022.