The change will allow larger projects to receive planning permission without government approval
The new legislation removes energy storage, except pumped hydro, from the Nationally Significant Infrastructure Projects regime in England and Wales, said the fund.
This will allow larger projects to receive planning permission without government approval.
According to the Department of Business, Energy and Industrial Strategy the new measure might see the number of battery storage projects on the grid triple, said Gore Street.
In a statement, Alex O’Cinneide, the fund’s adviser, said: “This is a very exciting time for Gore Street, we have already upgraded assets in exclusivity to a larger size as a reaction to this change.
“We will be looking for opportunities, subject to projects meeting our returns criteria and the availability of the necessary finance, to participate in these larger projects since this would enable us to scale up faster and achieve economies of scale to play our part in the transition to intermittent renewable energy sources.”
Read More: Gore Street Energy Storage Fund PLC welcomes green light for larger battery projects