Enray Power, a solar PV developer-operator, has reached financial close for its 68.5MWp solar power plant co-located with a 24MWh battery energy storage system (BESS).
Project finance, procurement and offtake agreements for Enray’s Camblesforth Solar Farm have been executed and construction is under way. The project is Enray’s first co-located BESS and PV asset.
The development is sited near Selby in North Yorkshire. Currently, the largest operational solar plant in Yorkshire is the 55MW Skeeby project owned and operated by Atrato Onsite Energy.
Senior debt financing has been agreed with Dutch bank Rabobank, which recently committed finance toward Aukera Energy’s solar development pipeline. The agreement with Rabobank draws upon multiple facilities and will enable the delivery of the project in totality, without third party investment
After its founding in 2020, Enray has been backed by Omnes Capital, a private equity firm dedicated to the energy transition, which is majority owner of the company.
Enray is also partnered with financial advisors Akereos Capital, which provided debt advisory, bookrunning and structuring services. Developer TagEnergy previously worked with Akereos, which was bookrunner, structurer and exclusive debt advisor to TagEnergy through a €570 million (£487 million) green bond.
Akereos also arranged the power purchase agreement (PPA) and BESS optimisation agreements with a “leading multinational organisation”.
The company cannot disclose any further detail on the transactions, Solar Power Portal heard.
Enray also said that it used data from Aurora Energy Research to optimise the BESS integration. Legal advisory for the financing was provided to Enray by independent UK law firm Burges Salmon LLP.
Enray Power, which develops, owns and operates renewable energy assets in the UK, is aiming to become a leading independent power producer (IPP) in the UK. It has a 1.5GW pipeline of advanced stage solar and storage projects. Currently its only project under construction is the Camblesforth Solar Farm.
