NORD/LB has arranged a financing package for the 238MWh Schuby battery energy storage project in Schleswig-Holstein.
The bank said the facility, comprising 64 battery units and 31 power conversion systems, is scheduled to go live in 2026.
It added that the project is underpinned by a tolling agreement with Alpiq that provides five years of stable commercial revenue for ECO STOR.
“We are delighted to support ECO STOR in financing its latest large-scale battery energy storage development in Germany,” said Florian Hock, senior director at NORD/LB.
“The roll-out of battery energy storage systems requires significant capital, and the innovative tolling agreement underpinning this transaction provides a secure and bankable model for financing this essential infrastructure going forward,” Hock added.
“The successful financing of Schuby demonstrates that large-scale battery storage in Germany has reached a level of commercial maturity where projects can be realised with private capital and without subsidies,” said Jörn Rohland, CFO at ECO STOR.
NORD/LB said it has financed more than 10 BESS projects and will use this experience to support the growing European pipeline.