€75m investment to strengthen Ireland’s electricity grid through battery energy
Eva Osborne
The Ireland Strategic Investment Fund (ISIF) has announced a commitment of up to €75 million to a new Gore Street Capital (GSC) fund.
The fund will invest in battery energy storage projects aimed at supporting Ireland’s energy grid by supporting renewable integration and improving energy security.
GSC will 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 10-year life.
The fund is aiming to raise €500 million by the end 2026 and help Ireland advance its net zero goals by providing alternative options for the provision of grid services.
Speaking on the announcement, Tánaiste Simon Harris TD: “I very much welcome today’s announcement of ISIF’s commitment of €75 million 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.”
Interim director of ISIF, Rebekah Brady, 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 €1 billion target first announced in 2021, an additional €1 billion 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.”
