finance

The increasing capacity of battery energy storage systems (BESS) in the UK is leading to the development of new types of contractual arrangements, while financing is “developing at a rapid pace”, according to Jonathan Cohen, head of energy at law firm Howard Kennedy.

Gore Street Energy Storage Fund is looking to raise £75 million via the issue of 68,181,818 new ordinary shares to fund the acquisition and construction of a new pipeline.

Construction has commenced on a 49.5MW/99MWh standalone energy storage system following new funding from Santander UK.

Octopus Renewables Infrastructure Trust (ORIT) expanded its portfolio by 179MW over the last year, and is looking to capitalise on high commodity prices to continue its growth over the coming year.

Anesco has secured a new £12 million revolving credit facility (RCF) from Santander UK to support the delivery of a pipeline of UK and European renewable projects.

Gore Street Energy Storage Fund is eyeing changes that would allow it to invest a greater percentage of its assets into projects outside of the UK and Republic of Ireland.

Downing Renewables & Infrastructure Trust (DORE) – which entered the UK solar market in 2021 – has recorded an operating profit of investments 16.9% above expectations as it continues to pursue UK opportunities.

The acquisition and construction of new ground-based solar PV and battery storage projects by Foresight Solar is to be funded through a new three-year facilities agreement.

New debt financing of £275 million with a 13-year tenor is being provided by Macquarie for the refinancing of a UK solar portfolio totaling 365MW.

Bluefield Solar Income Fund (BSIF) has seen its underlying earnings rise to £21.4 million as high power prices, investments into battery storage – with two-hour durations a possibility – and lower than expected irradiation all shaping H2 2021.