Pacific Green Energy Storage is to acquire a 249MW battery energy storage development in Kent, southern England in the UK.
It has confirmed its intent to acquire the battery energy storage system (BESS) from Sheaf Energy, as part of its exclusivity agreement with TUPA Energy.
This framework agreement was announced in March, and will see the Pacific Green Technologies subsidiary develop 1.1GW of BESS projects in the UK, sourced by TUPA.
The first acquisition within this framework was the 99.8MW Richborough Energy Park BESS development, which was also announced in March. In September, Pacific Green Energy Storage announced £23 million (US$31 million) debt financing towards financing that project, provided by UK merchant banking group Close Leasing . This is expected to reach financial close in Q4 2021.
Together with TUPA, Pacific Green Energy Storage is looking to continue to build on these initial development acquisitions, with the balance of the 750MW within their pipeline expected to be operational in 2025.
Pacific Green Energy Storage added that it will continue to combine comprehensive knowledge of the UK storage market and the technical expertise of its wholly-owned BESS design and integration arm, Pacific Green Innoergy Technologies, with Shanghai Electric Gotion New Energy Technology Co.’s state-of-the-art 10GWh per annum battery production capacity, to “deliver high-quality developments at an industry-leading scale”.