April 12 (Renewables Now) - UK battery storage developer Eelpower Ltd said today it has secured GBP 20 million (USD 28.4m/EUR 23m) of debt financing to develop its pipeline of permitted storage sites and pursue new development opportunities in the UK.
The financing facility is provided by Gravis Capital Management, through the GCP Asset Backed Income Fund, which is advised by Gravis and which focuses on providing financing supported by physical assets and long-term cash flows. Eelpower said the facility will support its plans to build, own and operate a fleet of grid-connected batteries.
Eelpower commissioned its first storage project in the UK in November 2017. This is the 10-MW Leverton battery storage facility near Lincoln, which has a Firm Frequency Response contract from National Grid and 15-year T-4 Capacity Market contract starting in October 2020.
As announced last month, Eelpower also co-located batteries at two low-head river hydro schemes in Yorkshire that are owned by its sister company Barn Energy.
(GBP 1 = USD 1.420/EUR 1.152)