TagEnergy has confirmed it has reached financial close on its fourth UK battery energy storage (BESS) facility with a capacity of 49.9MW/100MWh in Fife, Scotland.
TagEnergy confirmed it had attained financial close, while retaining 100% equity in the project dubbed Roaring Hill, after receiving funding from Santander UK. The renewable developer acquired the project from RES in September 2021.
The project – which consists of 18 battery enclosures – was consented in two phases by Fife Council. It is to provide grid stabilisation and ancillary grid services, supporting the network by balancing supply and demand.
The facility will use a system of Tesla Megapack lithium-ion batteries, together with Tesla’s Autobidder AI software for real-time trading and control.
This is not the first time Santander has offered financial support to TagEnergy in a bid to enable the creation of BESS projects in the UK. Earlier this month, Santander provided financial aid to support construction of a 49MW/98MWh standalone BESS project in Abernethy, Scotland.
“When TagEnergy entered the UK market, our stated ambition was to leverage our large-scale battery expertise to support the grid and accelerate the energy transition. Little over a year later, that ambition continues to become reality as we prepare to deliver our fourth facility at Roaring Hill,” said Franck Woitiez, CEO of TagEnergy.
“We are pleased that Santander UK has once again recognised the value of our projects in increasing both the capacity of the grid and renewable’s share of it as we help meet a critical need for the industry, homes, businesses and the planet.”
TagEnergy is further expected to develop a portfolio of BESS projects having established a partnership with Balance Power to build, own and operate 500MW of BESS across the UK. Running alongside this partnership, the two firms confirmed an aim to invest over £300 million in order to construct the projects over a period of four years.
“Santander UK is proud to support TagEnergy with funding for another important project that will bring positive and sustainable environmental change to the UK’s energy sector,” said Mark Cumbo, director, specialised and project finance at Santander UK.