Gore Street’s German asset sale collapses after buyer cuts offer

Gore Street Energy Storage Fund plc has announced that its planned sale of a 22 MW asset in Cremzow, Germany, has fallen through after a prospective buyer drastically reduced its offer at a later stage. The deal had reached a critical point when the buyer demanded a significantly lower price, which the board deemed unsatisfactory for shareholders.

Consequently, the transaction will not proceed with this particular buyer. The Cremzow asset was generating £17.19 per MW per hour during the first quarter of the fiscal year 2026/27. According to the board, the buyer’s reduced offer was not due to market factors but rather uncertainty surrounding requisitioned resolutions from Saba.

The company is no longer considering the sale of the asset as being in an advanced stage, and has instructed its sell-side adviser, Alexa Capital, to seek out new potential bidders. None of the current bidders in this or other ongoing sale processes are entities managed by Gore Street Investment Management, its investment arm. Gore Street's chair, Angus Gordon Lennox, expressed disappointment and frustration with the outcome, citing possible negative perceptions of the company as a forced seller and broader uncertainty regarding its future.

The company assured shareholders that they will receive updates on this sale and other parallel processes as they progress. This report, generated with the assistance of AI and reviewed by an editor, provides a factual account of the situation.