Pacific Green has secured £123.5 million (US$153 million) facility to support construction of its 1.5-hour, 249MW/373.5MWh BESS in Kent, UK.

Reducing exposure to merchant risk is key to making banks comfortable with lending money for hybrid renewables-plus-storage projects.

Zenobē Energy has started construction of a 300MW/600MWh battery energy storage project in Blackhillock, Scotland.

This edition of news in brief from around the world in energy storage comes from our UK colleagues at Solar Power Portal.

Munich-headquartered international banking firm Berenberg has provided debt financing for two battery energy storage projects in eastern Germany totalling 32MWh.

Harmony Energy has secured a £60 million debt facility from major UK retail and commercial banking group NatWest.

The opportunities for energy storage in the US continue to grow and grow, but moving away from contracted revenue structures to merchant risk projects will be a challenge, especially for lenders. 

In just the past few days, nearly US$500 million has been committed to downstream activity in the battery energy storage space, with AES Distributed Energy raising US$341 million of debt financing and EsVolta US$140 million of borrowing.

Energy asset developer and owner Statera Energy has clinched a refinancing deal for its 50MW Pelham utility-scale battery storage plant in England, in a transaction which it says demonstrates both the maturity and “bankability” of the asset class.