Fidra Energy has reached financial close on the Thorpe Marsh Battery Energy Storage System ( BESS ) in Doncaster, Yorkshire.

When completed, Thorpe Marsh will become the largest BESS in the United Kingdom and one of the largest in Europe. It is also the largest standalone BESS project financed globally and the largest BESS financing in Europe to date.

With a capacity of 1.4 gigawatts/3.1GW per hour, it will significantly increase the UK’s installed BESS capacity, currently around 8GW. It will also have the potential to export over 2 million megawatt-hours annually, enough to supply 785,000 homes each year.

By storing electricity when generation exceeds demand and releasing it during peak periods, Thorpe Marsh will enhance grid reliability and flexibility, help to reduce reliance on fossil fuel plants, and enhance baseload generation.

The £595 million ( US$810 million ) of debt is being provided by ABN Amro, China Minsheng, CIBC, Deutsche Bank, Investec Bank, MUFG, Natwest, Nord LB, Santander CIB, Siemens Bank via Siemens Financial Services, SMBC, Société Générale, and Standard Chartered Bank. Standard Chartered is also acting as interest rate hedge provider.

In addition to the loan facility, the overall financing package includes £245 million in equity investments from EIG and £200 million from the UK’s National Wealth Fund.

Watson Farley & Williams advised the lenders and hedge counterparties. White & Case advised EIG on the debt and equity capital raise.

Offtake deals

Fidra Energy has secured long-term offtake agreements with EDF, Octopus Energy, and Statkraft for around 80% of the project’s capacity, alongside a 15-year capacity market contract.

The project is being developed on 55 acres of land that formed part of a former coal station site and is adjacent to an existing National Grid substation in Yorkshire.

Construction will begin immediately, with initial operation expected in mid-2027. The project will use Sungrow Power Supply’s Power Titan 2.0 lithium-ion battery systems, with H&MV Engineering overseeing the 400-kilovolt grid connection and mechanical and electrical works. Jones Bros Civil Engineering UK will provide civil and drainage works.

Santander CIB, New End, and EIG Global Energy Partners Capital Markets acted as financial advisers to EIG and Fidra Energy on the capital raise for the Fidra platform. Santander CIB also acted as financial adviser for Fidra Energy on the project debt financing.

Edinburgh-headquartered Fidra develops, builds, and operates large battery storage projects in the UK and other European markets.