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Nord/LB consortium announces landmark funding deal for UK battery energy storage projects German energy transition bank Nord/LB has announced a landmark £180m financing deal for a 612MW UK battery portfolio. The nine-asset battery energy storage system (BESS) portfolio is the biggest ever financed in Europe. The owner, Constantine Energy Storage, has secured the funding package from a consortium including Nord/LB, Virgin Money, Société Générale, and EDC. The BESS assets are strategically located across England and Wales, with seven projects situated on land adjacent to key substations – making it easier for electricity to be transmitted directly into the National Grid. The assets will utilise 2.7-hour batteries with a total 612MW (1652MWh) capacity that will help to maximise revenue and operational efficiencies. Senior director at Nord/LB Florian Hock said: “This groundbreaking BESS financing deal is a prime example of the pioneering renewable energy projects that we deliver at Nord/LB. “The BESS portfolio is the largest ever financed in Europe, and we’re thrilled to have worked alongside Constantine Energy Storage on this very important project that will significantly boost the UK’s energy storage capabilities.” The UK has made battery energy storage systems a key part of its renewable strategy, with the aim of increasing BESS capacity to 30GW by 2030. The consortium was legally advised by WFW and Constantine Energy Storage by CMS. IDCM Limited acted as financial advisor to Constantine Energy Storage. |
