NatWest & UKIB fund battery storage park for grid stability

Share
Since its inception, Pacific Green has grown from a marine exhaust gas cleaning system supplier to a broad-spectrum developer and facilitator of modern renewable energy technologies, including energy storage systems. Credit | Pacific Green
Battery storage continues to play a big role in grid stability, and it is important to finance national decarbonisation agendas, says Jacob Lloyd, NatWest

As the world further electrifies, battery storage is increasingly necessary. 

Cleantech solutions company Pacific Green is helping to address the world’s demand for cleaner and more sustainable energy by organically acquiring the best technologies, supply chains and expertise whilst developing and maximising return from renewable energy, energy storage systems and emission control technologies.

Pacific Green has dedicated itself to creating a cleaner environment since its inception, growing from an environmental technologies supplier to a broad-spectrum developer and facilitator of modern renewable energy technologies, including energy storage systems.


Youtube Placeholder

 

The battery energy storage park developer has secured a combined £123.5m facility to support the construction of a major battery energy storage park in the UK to support the national increase in electrification. 

 

“The rapid scale-up of renewables onto the grid means the UK needs more storage capacity, and we need it fast,” comments John Flint, CEO of UK Infrastructure Bank (UKIB), which is supporting the financing of the project. The former Group CEO of HSBC, a company he was with for nearly three decades, Flint is supporting the UKIF in building its capability and capacity to tackle its two pressing missions — supporting the transition to net zero and helping to boost regional and local economic growth.


“This project is a great example of how debt financing can help accelerate large storage projects to bring them online sooner, while also providing crucial market confidence in the sector.”

 

Financing battery storage to support the energy transition

Natwest successfully coordinated a syndicate financing of a £120m capex loan and a £3.5m VAT facility for Sheaf Energy Limited, a wholly owned subsidiary of Pacific Green Technologies, Inc.

 

“We are excited to have reached another milestone in the development of our BESS pipeline in the UK and around the world,” says Scott Poulter, Chairman, CEO and Founder of Pacific Green Technologies, Inc. Poulter is a former professional windsurfer from the UK, who became a sports marketing entrepreneur, going on to found Pacific Green in 2010. 

 

“The senior debt package enables us to deliver much needed battery-based energy storage, which is key for the successful adoption of renewable power, and ultimately achieving net zero. We thank the NatWest team for their excellent guidance and support.”

 

The syndicate sees NatWest and UKIB hold an equal 50% share in the capex loan each, and NatWest solely funds the VAT facility. The financing will support the construction of Sheaf Energy Park, a 1.5hr, 249MW/373.5MWh transmission-connection battery energy storage system (BESS) located in Kent which is expected to become operational in July 2025.

 

“It’s great to support the new Sheaf Energy Park project and continue to help the decarbonisation agenda of the UK, working alongside UKIB to give Pacific Green a market leading debt structure that helps them bring in a further 249MW of flexible generation assets to the grid,” says Jacob Lloyd, Head of Specialist Asset Finance at NatWest. Lloyd’s career spans some finance giants including The Royal Bank of Scotland, WorldFirst, as well as Kohler Co.

 

“BESS continues to play a big role in the UK’s grid stability, and we look forward to working further with Pacific Green on the future of energy transition. NatWest were able to take a lead role in all aspects of the financing and it further demonstrates our commitment to provide £100bn of climate and sustainable funding by 2025.”

 

*********************************************

For more energy insights check out the latest edition of Energy Digital Magazine and be sure to follow us on LinkedIn & Twitter.

You may also be interested in Sustainability Magazine and EV Magazine

*********************************************

Net Zero LIVE will be hosted live from the QEII Centre, London on the 6th and 7th of March, and streamed globally via our virtual event platform Brella. Net Zero LIVE London will feature four LIVE themes, incorporating Sustainability LIVE, EV LIVE, Scope 3 LIVE, and Energy LIVE to deliver a holistic conference and exhibition experience with opportunities to connect with like-minded peers and actively contribute to crafting a sustainable future. Following Net Zero LIVE, viewers can also sign up for Sustainability LIVE Dubai and Singapore. 

Sign up to the The Global Sustainability & ESG Awards 2024, coming to London on the 11th September 2024. 

*********************************************

BizClik is a global provider of B2B digital media platforms that cover Executive Communities for CEOs, CFOs, CMOs, Sustainability Leaders, Procurement & Supply Chain Leaders, Technology & AI Leaders, Cyber Leaders, FinTech & InsurTech Leaders as well as covering industries such as Manufacturing, Mining, Energy, EV, Construction, Healthcare + Food & Drink.

BizClik – based in London, Dubai, and New York – offers services such as Content Creation, Advertising & Sponsorship Solutions, Webinars & Events.

Share

Featured Articles

Q&A with Amex GBT’s Director of Global Sustainability

Nicole Sautter, Director of Global Sustainability at Amex GBT, shares how it and Shell Aviation are key to reaching SAF goals with the Avelia programme

China's Pivotal Role in the Global Clean Energy Sector

We explore how China, a clean energy leader, drives the global clean energy market, investing heavily in renewables and leading technological innovations

IEF Explores the 'Paradox' of Mining's Role in Clean Energy

The International Energy Forum (IEF) identifies mining's critical yet challenging role in achieving a sustainable, electrified future

CDP: Critical Gaps in Corporate Renewable Energy Targets

Renewable Energy

Gartner says AI's Hunger for Power Strains Data Centres

Technology & AI

Shell, Equinor, Uniper & the Global Energy Storage Problem

Renewable Energy