Travers Smith has advised Ireland's National Treasury Management Agency (the "NTMA"), as controller and manager of the Ireland Strategic Investment Fund (the "Fund"), on its investment in Gore Street Energy Storage Fund plc.
The Fund, which has a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland, has committed to invest approximately £27 million in London-listed Gore Street Energy Storage Fund plc over a three year period, subject to certain conditions being met, including that those subscription proceeds are used to acquire construction-ready battery storage projects in Ireland.
The Travers Smith team was led by Corporate M&A and ECM Partner, Andrew Gillen, and Investment Funds Partner, Will Normand, and also included Investment Funds Senior Associate Leigh Stockey. The team worked closely with Liam Brazil and Conall Geraghty, Partner and Senior Associate at Dublin-headquartered Mason Hayes & Curran.
Andrew Gillen commented:
"We are delighted to have assisted NTMA on its investment in Gore Street Energy Storage Fund plc. The transaction represents a significant step for NTMA towards implementing the Ireland Strategic Investment Fund's unique mandate of both supporting economic activity and employment in Ireland and delivering commercial returns."