Dutch lenders ING, Rabobank and ABN AMRO have backed projects representing 1GWh of new storage capacity in the UK. The two projects are being developed by Field, a pan-European battery storage operator.
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The lenders’ backing, amounts of which were not disclosed, marks financial close for two new battery projects – one in Scotland and another in England.
Keith, the storage project in Scotland, is located along the B4 – a transmission boundary running across central Scotland. ING and Rabobank are financing the project. The other storage asset is Hartmoor. The location is expected to bring flexibility of the Dogger Bank offshore wind farms while the Hartlepool nuclear power station is decommissioned. This is being financed by ABN AMRO and Rabobank.
“Keith and Hartmoor take us to four large-scale battery projects in construction, on top of our growing operational fleet - proof that Field can construct and operate multiple complex storage projects simultaneously, at pace, across different markets. Both will be optimised by Gaia from day one, expanding our in-house platform across our growing portfolio”, commented Field’s co-founder and chief executive Amit Gudka.
Thus far, Field has raised and invested over £500m in storage projects across Europe. The operator now has four projects under construction. The company says its latest financial close contributes to the UK’s clean power 2030 objectives.
Battery storage has historically been a key gridlock concern for the UK’s renewable energy deployment plans. According to NESO’s latest assessments, there are roughly three times as many battery projects planned than the grid is prepared to handle.
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