TagEnergy has secured a debt package to finance its 100 MW/200 MWh battery energy storage system (BESS) project in North Yorkshire, UK.
The BESS facility will store energy from renewable sources, such as solar and wind, and release it when needed to help balance the grid. The utility-grade batteries will store electricity from the national grid at times of low demand and high renewables generation, and export it back to the grid at times of high demand and lower renewable electricity generation.
Lenders Santander, Rabobank, and Triple Point have offered a GBP70 Million (USD85 Million) non-recourse debt package to fund TagEnergy’s Lakeside project. Tesla, the Engineering Procurement and Construction (EPC) contractor, will implement a Tesla Megapack 2XL lithium-ion battery system. Habitat Energy acts as the route to market and battery optimizer, while Renewable Energy Systems (RES) manages the assets. IDCM arranged the debt as a financial advisor, with TLT LLP serving as the borrower's legal advisor, Burges Salmon as the lender's legal advisor, Aurora Energy Research providing energy analytics, Everoze as a technical advisor, WTW as an insurance advisor, Ester as a hedge advisor, and RSM as the model auditor.
Construction started in August 2023, and the Lakeside project is expected to be operational by mid-2024 after TagEnergy acquired full ownership of the battery storage facility.
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