NewsNov 12, 2026, 15:59 UTC

Spain backs Gore Street's EU battery fund at second close, €147M committed

What's the deal? Gore Street Capital has completed the second close of GS EU Fund SCSp, its vehicle for acquiring and running battery energy storage systems across EU member states. The Spanish government joined as a new investor, alongside follow-on commitments from existing backers. The fund has not disclosed its total commitments or target.

Why now? The close follows the fund's first close in December 2025 and comes as it deploys capital into live projects. Spain committed through the C&I Instrument under its National Recovery and Resilience Plan.

Who else is in? Cornerstone investors include the European Investment Fund and Ireland's Strategic Investment Fund, managed by the National Treasury Management Agency. Private capital also contributed at the second close.

What's the endgame? GS EU has committed €147 million to 550 MWh of storage, including two assets in Ireland bought in August 2026 and one in Poland signed in September 2026. It is progressing a further 255 MWh of advanced-stage opportunities, with more acquisitions expected before year-end. A final close is planned for the first half of 2027.

"We are already putting this capital to work where storage is needed most in Ireland and Poland, and advancing further opportunities in Spain and Romania," said Alex O'Cinneide, chief executive officer of Gore Street.

The signal: Public-sector backing is a notable vote of confidence as specialist European storage fundraising continues — Copenhagen's Anchor Energy Partners recently launched a separate €75 million battery-and-flexibility fund. But with the total raise undisclosed and the final close still months away, this is a milestone, not proof of a sector-wide breakthrough.

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