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The project is part of an exclusivity agreement between Pacific Green and Tupa Energy to develop 1.1GW of battery energy storage system (BESS) projects in the UK.
US renewable energy developer Pacific Green has closed a senior debt facility of £120m ($146m) to support its 249MW/373.5 megawatt-hour Sheaf Energy Park BESS project in Kent, England.
The debt was offered by a two-bank syndicate of National Westminster Bank (NatWest) and the UK Infrastructure Bank (UKIB).
Each provided £60m to develop and build the BESS project.
The debt will be repaid on a ten-year amortisation profile from the start of commercial operations.
UKIB CEO John Flint stated: “The rapid scale-up of renewables onto the grid means the UK needs more storage capacity, and we need it fast. Our support for Pacific Green and the Sheaf Energy Park project is a great example of how UKIB’s debt financing can help accelerate large storage projects to bring them online sooner, while also providing crucial market confidence in the sector.”
To be located next to the 99.8MW Richborough Energy Park BESS project in Kent, this project will have an operating life of 35 years. |
