Fotowatio Renewable Ventures (FRV), a Spanish energy company, has reached financial close on two of its battery energy storage system (BESS) projects in the UK. The two projects, Clay Tye and Contego, will be built in Essex and West Sussex, respectively. Under the project finance modality, FRV secured a $75.1 million financing package from Natixis CIB UK, which will cover more than 60 per cent of the total cost of the projects.
Additionally, the company has been given a VAT facility and debt service reserve facilities for the two projects. The Clay Tye project has a 198 MWh capacity and a 99 MW output. It will have 52 Tesla Megapack lithium-ion batteries. FRV stated that the financial close has taken it closer to its goal of ‘building a more sustainable future through the development of renewable projects’ across the world. More than 5 GW worth of BESS projects are now being developed by the company in the UK.
In December 2022, FRV Australia reached financial close on the 300 MWac Walla Walla solar project in New South Wales (NSW). FRV Australia has financing from ING, Clean Energy Finance Corporation, and Export Development Canada. FRV Australia is owned by Abdul Latif Jameel Energy and Canadian pension fund OMERS.