Fotowatio Renewable Ventures (FRV) has reached financial close for two of its battery energy storage system (BESS) projects in the UK. They are the Contego (West Sussex), 34MW/68MWh, and Clay Tye (Essex), 99MW/198MWh, facilities.
Natixis CIB UK granted the developer £61m through the project finance modality. The debt financing provided is enough to cover 60% of both the project’s costs.
Besides that, FRV has also secured two debt service reserve facilities (one for each BESS plant) and a VAT facility agreement.
This represents Europe’s largest project finance package firmed for two highly merchant battery projects until this moment.
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