Posted: 22 Sep 2021, 12:13
Pacific Green Technologies will finance the construction of its 99.8MW battery energy storage system with £ 23million in debt financing.
This is provided by UK investment banking group Close Leasing Limited, with funding expected to reach financial close in the fourth quarter of 2021.
Scott Poulter, managing director of Pacific Green Technologies, said the company received “many offers from very competitive financiers” but opted for Close Leasing – which is part of the Close Brothers group – because of its flexibility and experience. previous in the financing of renewable energy projects. of a similar size.
The BESS is located in Richborough Energy Park in Kent and is being developed by the company’s wholly owned subsidiary, Pacific Green Energy Storage (UK) Limited. Power-up of the asset is on track for 2022.
This is the first project in Pacific Green Technologies’ 1.1 GW battery storage pipeline, for which it signed an exclusivity agreement in March. The rest of the sites, initially supplied by TUPA Energy, are to be completed by 2023.