Two Initial Acquisitions in the Republic of Ireland for Fund III: GS EU
Gore Street Capital (“GSC”) is pleased to announce the first two acquisitions for GS EU Fund SCSp (“GS EU” or “the Fund”), GSC’s third managed vehicle, following the Fund’s first close at the end of 2025.
The Fund has completed the acquisition of Kilmannock (120 MW/240 MWh) and Mucklagh (75 MW/150 MWh), two ready-to-build standalone battery energy storage system (BESS) projects in the Republic of Ireland.
Transaction Information
Kilmannock was acquired in full from Gore Street Energy Storage Fund (“GSF”). Mucklagh was also acquired from GSF, which held a 51% stake in the project, alongside its JV partner. GS EU now holds a 100% stake in both sites. As GSF and GS EU are both managed by Gore Street Investment Management, the transactions were conducted on an arm’s length basis, under strict information barriers, and including independent third-party verification on valuations.
Together, the two sites total 195 MW / 390 MWh of capacity at their initial two-hour duration, with the potential to be augmented up to four hours over the course of the project life cycle. Both sites have secured grid connections, land rights and planning permissions. Kilmannock is expected to reach its commercial operation date in Q1 2028 with Mucklagh following in Q2 2028.
Market and Fund Context
The Republic of Ireland market is underpinned by rapid growth in renewable capacity, including a 2030 target of more than 80% renewable penetration, which is driving price volatility. This is complemented by supportive policy developments for longer-duration BESS systems and rising energy demand from data centres.
The acquisitions follow a first close of the Fund at the end of 2025, with a subsequent close targeted for Q4 2026 and a final close for Q1 2027. GS EU is backed by the National Treasury Management Agency, as controller and manager of the Ireland Strategic Investment Fund (“ISIF”), a cornerstone investor since the Fund’s first close. Kilmannock and Mucklagh mark the first
deployment of that commitment into Ireland: 195 MW / 390 MWh of new flexible capacity on the
Irish grid.
Alex O’Cinneide, CEO of Gore Street Capital, said:
“After screening multiple opportunities Ireland stood out as an exciting market with attractive entry pricing, robust support for two-hour assets, and one of the highest levels of renewable energy penetration in Europe. We are pleased that the Fund’s first two investments are in the Republic of Ireland, a market where we have significant experience and currently operate 130 MW across three projects. The focus now turns to the development of the projects, while we continue to identify new opportunities to execute against the Fund’s mandate in the near future.”
Keep Up to Date
To stay informed about our investments, market commentary and company updates, follow Gore Street Capital on LinkedIn and subscribe to our YouTube channel.
