FRV reaches fin close for 133 MW of BESS projects in UK

Global clean energy developer Fotowatio Renewable Ventures (FRV) said on Monday that it has reached simultaneous financial close for two of its battery energy storage system (BESS) projects in the UK, securing GBP 61 million (USD 75.6m/EUR 69.4m) from Natixis CIB UK.

The amount, extended as project finance, represents more than 60% of the cost of the projects. FRV said it had also closed two debt service reserve facilities, one for each project, and a VAT facility as part of the financing package.

The funding supports FRV’s 99-MW Clay Tye project in Essex and the 34-MW Contego battery in West Sussex. UK project developer Harmony Energy Storage is involved in both projects.

Of the two, Contego is operational. It has a capacity of 68 MWh using 28 Tesla Megapack batteries.

The Clay Tye system will be equipped with 52 Tesla Megapack lithium-ion batteries with a capacity of 198 MWh. The project, touted as one of the largest BESS facilities in the UK, is still under construction, according to an update on FRV’s website.

FRV, which is part of Saudi Arabia's Abdul Latif Jameel Energy, has a pipeline of more than 5 GW of BESS projects under development in the UK, the firm says.

(GBP 1.0 = USD 1.239/EUR 1.137)

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