The Ireland Strategic Investment Fund (ISIF) has today announced a commitment of up to €75m to a new Gore Street Capital (GSC) fund, which will invest in battery energy storage projects aimed at supporting Ireland’s energy grid by enhancing flexibility, supporting renewable integration, and improving energy security.
ISIF’s commitment, as part of its €2bn climate investment programme, will see GSC acquire primarily 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 GSEU fund’s ten-year life.
The fund, which is aiming to raise €500m by end-2026 and announced its first close today, 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.
ISIF previously committed €30m in GSC’s Energy Storage Fund in 2019, a fund that has financed the build-out of energy storage infrastructure in Ireland to support the growth of renewables.
GSC is an alternative asset manager in the energy storage infrastructure sector and has 1.4GW of battery assets under management.
Tánaiste and Minister for Finance, Simon Harris TD said:
“I very much welcome today’s announcement of ISIF’s commitment of €75m to a new Gore Street Capital (GSC) fund aiming to invest in battery energy storage projects which will bolster Ireland’s energy grid.
Through this announcement 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.”
Rebekah Brady, Interim Director of ISIF said:
“This 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 €2bn. Having exceeded its previous €1bn target first announced in 2021, an additional €1bn will be committed to climate-related projects over the next 4 years.
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.”
Alex O’Cinneide, CEO, Gore Street Capital said:
“We are pleased to have been selected as the partner of choice by ISIF for this significant commitment to the GSEU Fund, Gore Street Capital’s third dedicated battery energy storage fund. As a specialist manager with 1.4GW of storage assets currently under management, GSC is well positioned to support the buildout of high quality energy storage across Ireland.
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.”