Gore Street Capital has completed the first close of its new European-focused battery energy storage fund, the GS EU Fund SCSp, backed by cornerstone commitments from the European Investment Fund and the Ireland Strategic Investment Fund, alongside other institutional investors, strategics, and family offices. The specialist storage manager, whose portfolio totals roughly 1.4 GW of battery assets across three dedicated BESS funds—said it is preparing for an interim close and is targeting a final close by year-end, with a €500 million fundraising goal.
The fund will focus on acquiring, building, and operating battery energy storage projects, with a minimum 80% target exposure to European Union member states. Gore Street positioned the strategy around Europe’s push for climate neutrality and energy security by 2050 and a 55% emissions reduction by 2030, arguing that storage is increasingly critical to integrate renewables, stabilize grids, and replace services historically provided by retiring fossil-fuel plants. The firm also highlighted the improving economics of entry as battery costs fall, particularly for longer-duration systems.
Gore Street said the vehicle is classified as an Article 9 fund under the EU Sustainable Finance Disclosure Regulation and is aligned with the EU Taxonomy. The manager added that it will apply biodiversity and ecosystem safeguards and circular-economy practices, supported by an Environmental and Social Management System designed to govern ESG obligations across the portfolio.
Alex O’Cinneide, CEO of the portfolio manager, said the first close reflects support from both returning and new investors and marks the firm’s third dedicated battery storage fund, building on experience across U.S., European, and Asian markets.
KEY QUOTES:
“We are very pleased to announce the first close of the GS EU Fund and would like to thank our first close investors, including leading institutions, sovereign wealth funds, family offices, and large strategics. We are pleased to have strong support from returning investors and are excited to welcome new investors to the GSC platform. GS EU marks our 3rd dedicated BESS fund, building on our global expertise and track record across the US, European, and Asian markets to advance energy storage as a cornerstone of the EU’s energy transition. The European market is entering a period of significant growth, and we look forward to continuing to play a leading role in shaping its future.”
Alex O’Cinneide, CEO, Portfolio Manager
