Energy storage developer Field has secured a £42 million loan to accelerate the deployment of a 125MW / 250MWh battery portfolio in England and Scotland.
The senior non-recourse loan will be provided by Rabobank and ING.
The investment agreement covers financing for three battery energy storage projects in Whitebirk (25MW), Holmston (50MW) and Drum Farm (50MW).
The Whitebirk battery energy storage system (BESS) in Blackburn is expected to begin operation later this year.
The projects at Holmston in Ayr, South Ayrshire, and Drum Farm in Keith, Moray, will begin operation from 2026 and 2027, respectively.
Once deployed, all three sites will be capable of powering the equivalent of 416,667 homes for two hours when needed.
Whitebirk’s launch later this year follows the UK Government’s publication of the Clean Power 2030 Action Plan, which forecasts the need for up to 23-27GW of battery storage capacity (up from current available capacity of 5GW) by the end of the decade.
The agreement with ING and Rabobank also covers the use of Gaia, Field’s in-house flexibility platform, for optimising the deployment of all three sites, once fully operational.
Field’s chief financial officer Stephen White said: “We are delighted to partner with ING and Rabobank as we work to deliver our pipeline of battery storage sites in the UK.
“Battery storage plays an increasingly important role in a power system run by cleaner electricity, reducing the need for curtailment, and therefore, costly constraint payments at a time when energy bills are already high.
“We look forward to deploying all three sites, growing Gaia’s use as a leading flexibility platform, and supporting the Government’s ambition to achieve Clean Power by 2030.”
Rabobank’s executive director for project finance Carol Kort said: “Rabobank is delighted to finance Field’s 125MW / 250MWh BESS portfolio, advancing the UK’s energy transition targets.
“This transaction highlights our expertise in providing complex financing solutions across the entire renewable energy value chain.
“We look forward to partnering with Field in our mission to lead the transition to a future-proof energy system.”
ING renewables lead Sylvan Jonker added: “Investments in battery energy storage systems are vital for the energy transition and a testimony of ING’s dedication to triple new financing of renewable energy by 2025.”
Financial advisor Elgar Middleton and law firm TLT advised Field on the transaction.