Subscribe today and receive an extra account for free.
Subscribe
Eelpower Leverton battery storage. Source: Eelpower
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)
Octopus buys 130 MW of European wind farms from RES
Nov 14, 2019 10:10 CEST
New wind capacities lift SSE Renewables' profit in H1 of fiscal 2019/20
Nov 14, 2019 9:35 CEST
Formula 1 unveils plan to go net-zero carbon by 2030
Nov 13, 2019 13:48 CESTUK Pallinghurst, Luxembourg's Traxys set up battery materials JV
Nov 13, 2019 10:34 CEST
E.on signs PPA for 892 MW of UK wind power with RWE
Nov 13, 2019 10:28 CEST
Haliade-X nacelle arrives at testing site in Blyth
Nov 13, 2019 10:20 CEST