Close Brothers Leasing has signed an agreement with independent power producer (IPP), Conrad Energy, to provide £85 million in funding for eight battery energy storage sites (BESS) across the UK.
“This deal is further proof of our commitment to expanding our lending in this growing sector, which is key to the UK’s energy mix and essential in accelerating the replacement of fossil fuels with renewable energy,” said Gareth Palmer, head of sales for the energy team at Close Brothers Leasing.
“Battery storage systems are really beginning to come into their own and are becoming pivotal in responding to electricity demands.”
The first of these eight battery storage sites, a 40MW BESS in Bedfordshire, is already operational. Other sites are currently in development or planning stages and are set to come online in the first quarter of this year, said Conrad Energy.
Steven Hardman, CEO at Conrad Energy, commented: “Conrad Energy’s portfolio of battery storage developments provides significant stability to the grid and balances intermittent generation from renewables, increasing energy security and playing a vital role in the UK’s energy transition to a lower carbon economy.”
The agreement shows Conrad Energy further developing its energy storage portfolio. In September last year, the IPP gained planning permission for a 50MW BESS in Somerset.