Climate Insider Brief:
- TagEnergy, a global clean energy investor, has successfully secured financial close for a 49.9-MW/99.8-MWh battery energy storage system (BESS) project in Fife, Scotland.
- The funding, totaling up to GBP 70 million, was obtained through a non-recourse green loan from Santander UK, Rabobank, and Triple Point. This marks TagEnergy’s sixth BESS project in the UK.
- The financing, initially earmarked for the Lakeside BESS project, was expanded to include the Pitkevy facility. The Pitkevy project, acquired from Intelligent Land Investments Group in October 2022, is already under construction.
PRESS RELEASE – February 22, 2024 – Global clean energy investor TagEnergy said on Tuesday it has reached financial close on a 49.9-MW/99.8-MWh battery energy storage system (BESS) project in Fife, Scotland.
The financing of up to GBP 70 million (USD 88.2m/EUR 81.8m) is earmarked for the Pitkevy facility, which is already under construction and is the company’s sixth BESS project in the UK. The proceeds were secured as a non-recourse green loan on a fully-merchant basis from Santander UK, Rabobank and Triple Point.
The funding package was originally secured last year to finance the construction and operation of TagEnergy’s Lakeside BESS project. It included an uncommitted accordion facility that enabled the incorporation of the Pitkevy project in the financing structure.
The storage system will be equipped with Tesla’s Megapack 2 XL battery system and is due to be connected to the grid by the end of this year. Its construction is undergoing, with installation works handled by contractor RJ McLeod.
Flexitricity will serve as a route to market and battery optimiser and UK-based RES Group will serve as asset manager.
TagEnergy acquired the Pitkevy project from developer Intelligent Land Investments Group (ILI Group) in October 2022.
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SOURCE: RenewablesNow
Featured Image: Credit: TagEnergy
