Renewable energy investment manager Quinbrook Infrastructure Partners says it has closed financing for the largest solar plus battery storage project under construction in the United Kingdom.
Co-founded by Australian businessman David Scaysbrook, Quinbrook closed a record debt financing worth up to £238.5 million (around $A485 million) for the Cleve Hill Solar Park, the UK’s largest solar plus battery storage project and its first to be consented as a Nationally Significant Infrastructure Project.
Construction of the 373MW solar park in Kent began in early 2023 and is currently on track to be completed later this year.
Separately, civil works in preparation for a 150MW battery energy storage system (BESS) is also underway and is expected to be completed in April or May.
Cleve Hill’s developers, Private Energy Partners, which is an affiliate of Quinbrook, does not provide details on the duration of storage, though some reports suggest it could be anywhere from 2 hours to 4.5 hours.
The project financing combines a £218.5 million term loan and a £20 million VAT facility and has been provided by big-name British banks, Lloyds and NatWest. The financing is reportedly the largest solar plus battery storage project financing ever closed in the UK.
Cleve Hill is a model for the development and financing of future large-scale projects in the UK that can meaningfully support the country’s decarbonisation goals while spurring economic growth and long-term job opportunities for local communities,” said Keith Gains, managing director and UK regional leader for Quinbrook.
“The record-breaking financing secured is the latest milestone for this flagship project and our success here is a testament to the hard work and close collaboration of the Quinbrook and Private Energy Partners teams and our lending partners.”
