Pacific Green reaches financial close for 99.98 MW energy storage facility in Kent

Pacific Green has achieved financial close for GBP28.25 million (US$34.90 million) of senior debt associated with the company's 99.98 MW battery energy storage system (BESS) at Richborough Energy Park in Kent, England, UK.

Green Power Reserves Limited's equity investment and the senior loan will give Pacific Green the money they need to open the battery park in June 2023.

In accordance with the senior debt facility agreement, Close Leasing Limited (CLL) will provide a development loan to fund the construction, which will be used in stages following the expenditure of the equity investment. Once commercial operations begin, the development loan will be refinanced into a 10-year amortized term loan.