Watson Farley & Williams Guides £594m Financing For UK’s Largest 1.45 GW Thorpe Marsh Battery Project, Backed By £200m National Wealth Fund Equity And Global Banks
Source： solarquarter
Watson Farley & Williams (WFW) has advised a group of major lenders and hedge counterparties on a £594 million debt package for the 1.45 GW (2.9 GWh) Thorpe Marsh Battery Energy Storage System (BESS) project in Yorkshire, UK. The consortium includes ABN Amro, China Minsheng, CIBC, Deutsche Bank, Investec, MUFG, NatWest, Nord LB, Santander, Siemens, SMBC, Société Générale, and Standard Chartered. In addition, the UK’s National Wealth Fund has invested £200 million in equity for the project.
Thorpe Marsh will be the UK’s largest battery storage facility and among the biggest in Europe. It will connect directly to the transmission network and significantly boost the country’s current installed BESS capacity of about 8 GW. Sponsored by Fidra, the project’s majority ownership will be held by global energy investor EIG Partners. Construction is starting immediately, with operations scheduled to begin by mid-2027.
The project will use Sungrow Power Supply Co., Ltd.’s Power Titan 2.0 battery systems. H&MV Engineering will manage the 400kV grid connection as well as mechanical and electrical work, while Jones Bros Civil Engineering UK will handle civil and drainage works. Fidra has already secured long-term agreements with EDF, Octopus Energy, and Statkraft to purchase around 80% of the project’s capacity, alongside a 15-year capacity market contract. Fidra, based in Edinburgh, is an independent battery storage business backed by EIG. The UK’s National Wealth Fund is the country’s sovereign wealth fund, designed to co-invest in domestic infrastructure with the private sector.
Jennifer said in a statement, “We are thrilled to have supported the lenders and hedge counterparties to help fund such a ground-breaking BESS project for the UK. With the capacity to power 800,000 homes once operational, this project underpins WFW’s position as a leading firm in the global energy transition sector.”
The WFW London Energy team that supported the lenders was led by Projects Partner Jennifer Charles. She was joined by Senior Associates Abraham Knight and George Garthwaite, and Associate Georgina Somers for finance matters. Project development advice came from Partner Emmanuel Ninos, Senior Associate James Ballantyne, and Associate Ben Harvey. Hedging matters were handled by Partner Rob McBride and Associate Kristina Buckberry, while Associate Hamish Ungless provided planning and regulatory guidance. Real estate advice was given by Partner John Rosmini and Senior Associate Philippa Satterthwaite.