Investment momentum in energy storage infrastructure gathered pace this week as Gore Street Capital confirmed the first close of its GS EU Fund SCSp, a vehicle designed to expand battery energy storage systems across Europe.

Announced on 22 January, the fund is targeting a final close of €500 million by the end of the year and will focus on acquiring, building and managing BESS projects, with a minimum target of 80% exposure to European Union member states.

Gore Street Capital, headquartered in Ireland, specialises in utility-scale battery assets supporting electricity networks as renewable generation increases.

The first close attracted commitments from the European Investment Fund and the Ireland Strategic Investment Fund, alongside institutional, strategic and family office investors.

ISIF has committed up to €75 million, returning after its earlier €30 million investment in Gore Street’s 2019 Energy Storage Fund.

GS EU is the firm’s third dedicated battery storage fund and builds on a portfolio of approximately 1.4 gigawatts of assets under management worldwide.

The fund is classified as an Article 9 vehicle under the EU Sustainable Finance Disclosure Regulation and is governed by a dedicated Environmental and Social Management System aligned with EU requirements.

Alex O’Cinneide, CEO of Gore Street, said: “We are pleased to have strong support from returning investors and are excited to welcome new investors to the GSC platform. GS EU marks our third dedicated BESS fund, building on our global expertise and track record across the US, European, and Asian markets to advance energy storage as a cornerstone of the EU’s energy transition.”

Read more on the full scope of the fund and its project pipeline.