The Ireland Strategic Investment Fund has announced a commitment of up to €75m to a new Gore Street Capital (GSC) fund, which will invest in battery energy storage projects.
These projects are aimed at supporting the country's energy grid by enhancing flexibility, supporting renewable integration, and improving energy security.
GSC is an alternative asset manager in the energy storage infrastructure sector and has 1.4GW of battery assets under management.
The latest commitment from ISIF is part of its €2 billion climate investment programme.
It will see GSC buy mainly greenfield battery energy storage projects from developers; procure and construct the projects; and then own and operate the assets for a period in line with the fund's ten-year life.
The fund, which is aiming to raise €500m by the end of this year, will help Ireland advance its Net Zero goals by providing alternative options for the provision of grid services and helping to maximise the use of renewable generation.
Rebekah Brady, Interim Director of ISIF, said this latest commitment demonstrates ISIF's ability to deploy capital in a targeted and commercial manner, supporting Ireland in facing key strategic challenges, such as climate change.
"In 2025, ISIF announced it is doubling its commitment to climate investments, to €2 billion. Having exceeded its previous €1 billion target first announced in 2021, an additional €1 billion will be committed to climate-related projects over the next four years," she said.
"Backing battery energy storage to enable a stronger energy grid in Ireland is a way in which ISIF can support Ireland's journey to Net Zero, in line with the Government’s Climate Action Plan," she added.
Alex O'Cinneide, CEO of Gore Street Capital, said the GSEU Fund is Gore Street Capital's third dedicated battery energy storage fund.
"By enabling greater flexibility, supporting renewable integration and strengthening energy security, this partnership will help advance Ireland's Net Zero ambitions. We value ISIF’s continued support as a returning investor and look forward to deploying our development, procurement and operational expertise to deliver impactful projects," Alex O'Cinneide added.
Tánaiste and Minister for Finance Simon Harris said ISIF continues to demonstrate its commitment to backing funds and projects that make a contribution to reaching Ireland’s climate goals and accelerating the economy’s transition to Net Zero.
"I also strongly support ISIF's goal to achieve total climate investments of €2 billion over the next few years," he added.
