Developer Pulse Clean Energy has secured a three-year £175 million (US$215 million) credit facility with a number of banks to go towards its pipeline of battery storage projects in the UK.
The firm, formerly called Green Frog Power until a post-acquisition rebranding last year, secured the facility from a syndicate of banks including Santander, UK Infrastructure Bank, CIBC and Investec.
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The money will go towards the firm’s 1GWh pipeline of battery energy storage system (BESS) projects in the UK market. This year it acquired 90MW of projects in Stafford and Aberdeen and a 72MW project in Manchester in two separate deals.
“We are delighted to have completed this financing to aid in the continuing delivery against our ambition to build 1GW+ of energy storage and stability assets.” said Nicola Johnson, chief financial officer at Pulse Clean Energy. “We are look forward to building on the relationships with our syndicate banks.”
In January, the company tied up with solar PV and battery storage firm Canadian Solar for the latter to supply 550MWh of its grid-scale solution for Pulse’s projects.
Pulse was acquired by the Investment Management Corporation of Ontario (IMCO), a Canadian institutional investor with $73 billion assets under management, in late 2021.
The financing announced this week was structured by CIBC as sole financial advisor, while Eversheds acted as borrower legal counsel with Ashurst as lender counsel. Consulting firm Baringa acted as market advisor with Everoze and Fitchner as technical advisor and Operis as model auditor.