Elements Green has secured a £140m debt facility for one of the largest battery energy storage systems in the UK.
The debt facility has been provided by Goldman Sachs Alternatives for the 360MW / 720MWh Staythorpe BESS asset.
Elements Green was advised by IDCM, acting as financial advisor throughout the transaction.
The Staythorpe battery storage project has begun early construction, with completion and full commissioning expected in mid-2027.
Chief investment officer at Elements Green James Gates (pictured) said: “This marks a significant step forward for Elements Green and for battery storage in the UK.
“Our partnership with Goldman Sachs Alternatives and the support of IDCM demonstrates the confidence in our platform and our ability to deliver high-impact energy projects at scale.”
The site secures robust contracted revenues through a 15-year capacity market contract and a beneficial long-term floor agreement with EDF. Mitie Power & Grid is constructing the project, which uses Hithium’s latest BESS units.
Mitie’s subsidiary G2 Energy will also build the associated 400kV grid connection infrastructure for the project which is located near Staythorpe National Grid substation, in Newark, Nottinghamshire.
“We are excited to partner with Elements Green and contribute to the realisation of this strategic project with a bespoke project finance unitranche solution,” said Christian Schaefer, managing director and co-head of climate credit at Goldman Sachs Alternatives.
The Staythorpe BESS will have a planned operational life of 40 years.