About Gore Street Capital
Our Investment Philosophy
Sustainability and Impact is part of our DNA
Gore Street Capital’s focal point are businesses or projects that are well positioned for growth in strategic locations with high barriers to entry, sustainable low operating cost structures.
The team evaluate opportunities concentrating on consumer demands, and within the challenging global policy environment and transforming technological and economic landscape.
Focus on projects with limited technology risks, operational assets or projects with manageable construction risk and long-term contracts for the output of the projects.
Work with partners and businesses in managing, evaluating, and measuring outputs, outcomes and impact performance.
Generate value for our companies and investors beyond capital.
Our Focus
We are market drivers in Renewable Energy
The future growth in renewable energy generation will be driven by a number of factors. These factors include the rate of technological improvement and innovations, manufacturing scale economies, government incentives and regulations and the cost of competing electricity generation methods.
A series of accelerating trends give a positive directional indication for the renewable energy industry, including:
Significant reduction in the cost of clean energy technologies.
Improved capacity factors and output efficiency of renewable generation resources, driven by technological advances.
Renewable electrical generation sources increasingly located at a customer’s point of delivery because it is less expensive than the utility company alternative.
Increased utility company cost structure associated with the replacement of aging conventional power generation facilities and transmission and distribution charges.
Energy consumers’ desire to lock in predictable long- term energy cost combined with renewable energy’s ability to avoid the risks of price volatility and market disruptions associated with conventional fuel sources.
According to the lnternational Energy Agency (IEA), global energy consumption is expected to increase by 28% from 2015 to 2040 with renewables, the fastest-growing source of energy for power generation, surpassing generation from coal by 2040. “Non-hydropower renewables are expected to account for 15% of total world generation in 2040.”
Sector Focus
Our Sectors
Renewable energy or ‘clean energy’ is the way forward. These sustainable resources are present and are not going anywhere. Fossil fuels will run out eventually and it’s destroying our environment in the process. We can harness these renewable power sources from the world around us. There has been a steady increase in wind turbines, electric cars and solar panels worldwide, but more has to be done towards harnessing clean, renewable energy sources. Here is our key main focus to improve the world we live in.
Our Sectors
Renewable energy or ‘clean energy’ is the way forward. These sustainable resources are present and are not going anywhere. Fossil fuels will run out eventually and it’s destroying our environment in the process. We can harness these renewable power sources from the world around us. There has been a steady increase in wind turbines, electric cars and solar panels worldwide, but more has to be done towards harnessing clean, renewable energy sources. Here is our key main focus to improve the world we live in.
Energy Storage Market
There is a growing demand for energy worldwide, the market energy storage has witness a high increase in recent years. Devices that can store energy for using at a later time have developed rapidly to meet the rising requirements for energy. Companies and governments worldwide are facilitating the growth of energy storage devices due to their capability of storing electricity more effectively and efficiently.
Increased penetration of low-carbon technologies, distributed generation and greater intermittency in the energy mix are causing higher peak demands gap, thermal and voltage constraints and less predictable load and generation cycles are all creating the need for a solution that provides stability and reliability to fluctuating energy supply.
Energy storage is the complementary technology that works alongside renewables to meet these challenges.
Solar
Solar PV (photovoltaics) is one of the fastest-growing sources of new electricity generation. Solar energy offers several operational advantages. It is reliable and predictable energy output. Has low and predictable operational and maintenance costs. It is also lower risk than other energy sources due to minimal asset complexity and use of proven technologies. It does not face ongoing commodity risk.
These factors, combined with the government incentives and regulations in place in many parts of the world, have resulted in a subsidised environment that has fostered a significant reduction in the cost of constructing and generating solar energy. The result has been rapidly decreasing solar energy systems costs.
Wind Energy
Wind energy has been a rapidly growing source of electricity generation globally over the past decade. Increasing competitiveness of wind energy technology is improving as a result of taller towers, longer blades and more efficient energy conversion equipment, allowing wind projects to more efficiently capture wind resources and produce more energy. Technological improvements are rapidly making wind turbines more productive and cost efficient while expanded manufacturing is achieving economies of scale.
Biofuels
Biofuels (particularly ethanol) is a significant and growing portion of the world’s fuel infrastructure. Biofuels are environmentally friendly and cost effective. They can be manufactured from a wide range of crops and other organic materials including crop waste, manure, and other byproducts.
Biofuels can be easily produced as new crops are grown and waste material is collected. They can be produced locally decreasing any given country’s dependence on foreign sources of oil. Demand for biofuels will continue to grow as countries globally target higher ethanol blends for lower emissions, better octane ratings and diversification from oil.
Global Biomass Energy Market
Biomass is a significant resource for renewable energy globally. It is derived from principal resources such as forestry, biogenic waste and agricultural products. Electricity can be generated by direct combustion, or by converting biomass into fiber or industrial chemical. As the economics have improved for energy production from biomass, along with growing concerns about greenhouse gas emissions, biomass energy is becoming an increasingly attractive option.
Biomass offers an advantage over other renewable resources such as solar, wind and hydropower in that it is a base load resource. Biomass is one of the only renewable fuels which offer a viable alternative to coal-based generation. It is also much more environmentally friendly to produce than traditional energy generating sources like coal and gas.
Our Expertise
The Gore Street Capital team bring a wide range of skills and expertise. They are industry experts, thought leaders, financial professionals – collectively creating value for their clients and assets under management.
Gore Street’s team of investment professionals has extensive international experience in fund investments and in originating, underwriting, closing, monitoring and exiting investments in the firms target sectors. Their industry experience and extensive networks enable the team to achieve consistent, high quality deal flows, and successfully execute assets under management through its disciplined investment approach.
We are experts in
Sourcing disruptive technologies in the energy sector.
Developing renewable energy infrastructure projects and managing assets.
Designing and managing strategic deals in a challenging policy environment.
Forming strategic partnerships and working with multiple public and private sector stakeholders in the development of large complex projects.
Our Team
The Management Team
Alex O’Cinneide
Alex is the founder of Gore Street Capital. He previously was a Managing Director and Head of Europe for Paladin Capital, a Senior Advisor to Kleinwort Benson Bank in London, and served on the Investment Committee of IndoChina Capital. From 2006 to 2013, he was Head of Investments for Masdar, Abu Dhabi’s USD15 Billion SWF. He is also a trustee of the London Irish Centre, a UNICEF Advisor, chairing their Climate Change Committee; a visiting researcher to the Energy Policy Group in Cambridge University, a Fellow of the Royal Geographical Society, and the Vice Chair of the board of the Biomimicry Institute. Alex is a regular speaker on venture capital and private equity, and is recognised as a global leader in the field of renewable investing.
Suminori Arima
Sumi led Renewable Energy transactions as Managing Director of Kleinwort Benson. Previously, he was MD of RHJ International SA in Tokyo (parent company of Kleinwort Benson) responsible for PE investment management for over $1B of AuM. He has also worked in Debt Capital Markets at JP Morgan and prior to that, at McKinsey & Company.
Onsu Wegner
Almost two decades experience in energy transactions in the Americas, Europe, Asia and Africa. As first-hire, COO and GC, led growth of Nigeria’s first indigenously-run hydrocarbon E&P until exit at 8X multiple. Previously an energy lawyer at McDermott Will & Emery and prior to that, at White&Case. Currently also leads TREC, a flared gas-to-power initiative in Nigeria. Masters in Management from Stanford University and a Juris Doctor from the University of Virginia.
The Investment Team
John-Michael Cheshire
John-Michael has 13 years of corporate finance experience including M&A roles at Nomura, Kleinwort Benson, Société Générale and Zeus Capital, and has advised on a number of transactions predominantly in the UK mid-market space. Whilst at Kleinwort Benson, John-Michael worked alongside Alex and Sumi focusing on a range of renewable energy transactions across Europe. John-Michael holds a BA / MA from Cambridge University.
Paula Travesso
Paula’s expertise is in merger and acquisitions with her previous job at the Arab Banking Corporation in Sao Paulo-Brazil, focusing mainly on mid-sized Companies transactions. During her experience in M&A, she covered sectors such as retail, food and beverage, manufacturing and consumer goods. Before her ABC role, Paula worked for Ernst & Young in the Transaction Advisory Service department. Paula has a MBA from London Business School and BS in Business Management from Ibmec Business School in Sao Paulo.
Rutwij Hoshing
Rutwij has worked in corporate banking at Ahli Bank in Oman as well as at the treasury at Essar in Bombay, giving him a unique perspective into the energy sector. He has previously worked in Clarence Bridge Capital in the tech space. In addition, Rutwij is a CFA level 2 candidate with a computer engineering background from National Institute of Technology Karnataka and has a Masters in Management from London Business School.
Will Coffey
Will joined GSC as in intern in summer 2019 before returning the following year after completion of his studies in economics at Bristol University. Growing up in both the UK and Republic of Ireland, he has a range of internship experiences in both the public and private sectors, notably at the Central Bank of Ireland and JM Finn Investment Management.
Maria Vaggione
Before joining the team in 2021, Maria was an Account Manager for a boutique Asset Management firm in London, supporting the fundraising of alternative investment funds. Previously, she was a negotiator at a multinational corporation. Maria has an Engineering degree from UNICAMP (Brazil), and a Master’s degree in Management & Project Management.
Ivana Brumovska
Ivana joined Gore Street as a paralegal. She previously worked alongside legal teams for large energy companies, including Gazprom and ConotourGlobal. She has experience in asset management, having worked for firms such as CQS and Global Investment Strategy.
Elizabeth Dumergue
Elizabeth is a former financial regulator and has previously worked as Deputy Head of Compliance and Deputy Money Laundering Reporting Officer at a Japanese bank. She started her career as a barrister and solicitor in New Zealand. In addition to degrees in Law and Microbiology, Elizabeth has post-graduate qualifications in Applied Finance and Investment; and Financial Regulation. She studied Sustainable Finance at the Cambridge Institute for Sustainability Leadership.
Liangyue Pan
Liangyue joined Gore Street as an intern in the summer of 2021 after completing her Master’s degree in Finance at the University of Cambridge, Judge Business School. She previously worked for 3 years in equity research and fixed income analysis, mainly covering waste management and hydrogen. She holds a Bachelor of Commerce degree, a double major in Finance and Accountancy from Concordia University in Canada and is a CFA level 2 candidate.
The Commercial Team
Dan Burke
Michael Darzi
Michael is a Junior Asset Manager assisting the Technical Team with the financing, operations and delivery of large-scale energy storage systems in the UK and Ireland. He has a wide range of internship experiences from both energy and management consulting companies that ultimately solidified his interests and passion in renewable energy. As a result, Michael pursued an MSc in Sustainable Energy Futures at Imperial College London that enriched him with the knowledge and skills to take on future challenges.
Patrick Vera
Patrick joined the team in 2021 as a Technical Manager. He previously worked at Fotowatio Renewables Ventures (FRV) as Head of FRV-X Australia, leading the strategy and development of innovative energy solutions. This included solar, green hydrogen, software solutions and energy storage having closed over 350MW of projects. Prior to that, he was the Product Engineering Manager at Vector Utilities New Zealand. Patrick is an Electrical Engineer, having studied at the University of Western Sydney.
Alicja Kowalewska
Alicja is a Project Manager leading the technical delivery and management of the operational and under construction storage sites. She worked as a Lead Storage Engineer at Origami Energy, where she successfully developed and led to a financial close a pipeline of 19MW energy storage projects. Formerly she was an energy storage engineer at RES UK & Ireland where she led the product development and sourcing of power conversion systems for a combined 80MW of RES’s EFR and EPC energy storage systems. She holds two Masters in Power Systems Engineering and Renewable Energy Technology from Cranfield University.
The Finance and Administration Team
Lily Howkins
Lily is a professional actor with numerous roles in theatre and films. She complements her passion in the arts with work at Gore Street where she provides essential support to the CEO and Board.
Amaka Mbonu
Amaka Mbonu is a Fellow of Chartered Certified Accountant member and has worked in corporate finance for over 13 years. She worked predominately in the leverage buyout industry as a Senior Accountant for Mid Europa Partners LLP (€5 billion AUM) and as Group Management Accountant for Cognetas LLP (€2 billion AUM). Recently she moved into the renewable energy space and worked as a Financial Controller for Quercus Investment Partners Limited who specialised in wind and solar infrastructure.
Samira Husson
Samira joined the team as a Document Manager, being responsible for the development of data and information systems. Samira has previously worked as a Document Controller for a Multidisciplinary Engineering Design Consultancy working on both private and public sector projects locally (UK) and internationally (UAE, Saudi Arabia, Europe).
Setara Khan
Setara completed her studies in Banking & Finance at Middlesex University in 2019. She took an interest to work in the finance sector when she had the opportunity to work as a Finance Intern at GSA and Vitality. She went on to work at Teneo as a Finance Assistant for a year and a half before progressing into her current role.
Directors & Advisors
Kirsty Hamilton
Kirsty brings to the role three decades of international policy experience and leadership on climate change and to accelerate the transition to clean energy. Returning to the UK, she has built a 15 year track record leading work with senior finance practitioners and policy counterparts including as Policy Head of Low Carbon Finance Group (2010-2015). She is as an Associate Fellow at Chatham House and has held several invited international advisory roles.
Dann Mudd
Dan is a private equity and venture capitalist. Previously, he was the CEO of Fortress Investment Group, a global asset management firm with over US$50 billion invested in private equity, credit, and hedge funds. Under his leadership, Fortress expanded its base to Asia and the Middle East, acquired new business, eliminated corporate debt while restoring shareholder dividends. Prior to Fortress, Dan was the President and Chief Executive Officer of Fannie Mae, the USA’s largest mortgage investor.
Frank Wouters
Frank is the Director of the EU-GCC Clean Energy Network which fosters clean energy partnerships between EU and GCC energy stakeholders. He was the Deputy Director General of the International Renewable Energy Agency (IRENA). Previously he led the implementation of electricity projects worth more than $3 billion at Abu Dhabi’s government-owned low-emissions project, Masdar.
Gøran Bye
Gøran led businesses and transactions globally including transformation of assets, M&As and commercialization of disruptive technologies. His expertise lies in renewable technologies and advanced materials. Gøran has guided many companies and investors in the semiconductor materials and renewable energy industries. He was the President and CEO of LDK Silicon & Chemical Company, Director of Industries at Masdar and President & CEO of REC Silicon.
Vincent Gilles
Vincent has been active in the energy space for nearly three decades both on the ‘buy-side’ as a fund manager and on the sell-side as a top-rated analyst and senior banker. From 2006 to 2010, he was a partner of UBS Global Infrastructure Fund and the CIO of the InvestAD-UBS fund in Abu Dhabi. He is currently the CIO of Clim8Invest, a new clean energy investment platform, and a member of the Supervisory Board of Cambridge Energy Partners. He is also involved with the EU Innovation Fund as an external advisor and expert.
Piers Lindsay-Fynn
Piers is the CEO of the Lindsay-Fynn Family Office and responsible for determining individual asset allocations and day to day sourcing, structuring and management of investments in Bonds, Cash, Listed Equities, Private Equity, Property and other Alternative Investment.
Lorenzo Savi
Lorenzo has more than 20 years of experience in Corporate and Investment banking gained in London, Milan, Luxembourg, Singapore and Stockholm. He has been appointed to numerous senior risk management and compliance roles for various international financial firms such as BBVA, BOFA, Rabobank, JP Morgan, Jefferies Bache. Lorenzo has a Master Degree in Economics.
Michael Philip
Michael is the Managing Partner of Ambata Capital and Chairman of Reykjavik Geothermal. Previously a member of Group and Executive Board of Credit Suisse, Managing Director of Deutsche Bank and CEO of Deutsche Asset Management, he has over 30 years of experience as a senior banking executive. Michael is also a Board Member of World Wildlife Fund.
Anna Wang
Anna leads the firm’s impact agenda. Her career spans the public and private sector, focused on health, sustainability and strategic philanthropy. She is currently an advisor to HK-based RS Group, a leading impact investor. Previously as a senior advisor to the Bill & Melinda Gates Foundation, she supported the foundation’s advocacy and fundraising activities. Anna is also on the board of a number of NGOs including Project Soar, Election Reform Network and International Bridges to Justice.
Our History
GSC Inception
GSF hits £100m
GSC Team Grows
GSF hits £300m
GSF IPO
GSC becomes AIFM
ISIF Drawdown Available
Our Partners
Partnering with the best engineers, infrastructure designers, manufacturers, and investment professionals.
Ireland Strategic Investment Fund (ISIF) is a sovereign development fund with a specific mandate to invest in a manner designed to support economic activity and employment in Ireland
Nippon Koei provides a one-stop service for renewable energy and energy conservation from project formulation to operation and maintenance. It is a leader in bringing renewable energy to emerging markets.
The Tudor Group manages assets across fixed income, currency, equity and commodity asset classes and related derivative instruments in the global markets for international clients.
Frequently Asked Questions
Your questions, answered
What are Gore Street Capital?
Gore Street Capital (‘GSC’) is an experienced renewable energy and private equity investor. It is the Investment Manager of the publicly listed Gore Street Energy Storage Fund (‘GSF’), which is the first listed pure-play energy storage fund in the UK. Since inception of the Company in 2015, it has increased its assets under management 10-fold to almost £300m, which includes additional assets under management from the Irish Sovereign Wealth Fund.
What is energy storage?
Energy storage is the capture of energy produced at one time for use at a later time to reduce imbalances between energy demand and energy production. Energy storage battery owners provide the National Grid with grid balancing services supporting them in dealing with system intermittency; mainly caused by the addition of renewable sources of electricity (like wind and solar).
What are Gore Street Capital's core values?
Gore Street Capital at its core is focused on sustainability. We have a strong regard for diversity and an attention to detail.
When was Gore Street Capital created?
What is Gore Street Capital's AUM?
£293m - December 2020
What are Gore Street Capital's fees from management of Gore Street Fund
The Manager’s fees consist of:
The Advisory Fee: The Investment Manager is entitled to receive an advisory fee from its AUM payable quarterly in arrear calculated at the rate of one-fourth of one per cent. of Adjusted Net Asset Value (the “Advisory Fee”). For these purposes “Adjusted Net Asset Value” means Net Asset Value, minus cash on the Company balance sheet
The Performance fee: If eligible, the Investment Manager will receive a sum equal to ten per cent. of such amount (if positive) by which Net Asset Value (before subtracting any accrued performance fee) at the end of a Calculation Period exceeds the Benchmark of 7 per cent. provided always that in respect of any financial period of the Company (being 1 April to 31 March each year) the performance fee payable to the Investment Manager shall never exceed an amount equal to 50 per cent. of the Advisory Fee in respect of that period.
In addition, the Investment Manager is paid a fee of £75,000 per annum for AIFM services, an annual accounts administration fee of approximately £6,000 per energy storage asset and a corporate services fee of £124,596 per annum.