Insights

Abdul Latif Jameel Energy’s FRV achieve financial close with NatWest for its Holes Bay battery project in the UK

Published 14 October, 2021

 

  • Abdul Latif Jameel Energy’s Fotowatio Renewable Ventures (FRV), a global leader in the renewable energy sector, has successfully closed financing for a non-contracted revenue model for the Holes Bay battery project with British commercial bank NatWest.
  • The financing framework of this project makes it one of the first of its kind in the UK market and worldwide.
  • The UK-based FRV initiative aims to improve the reliability and sustainability of the UK National Grid, supporting the communities’ effort to achieve a carbon neutral future.
  • As part of FRV’s continued global expansion, the Holes Bay project builds on the company’s strong battery storage portfolio in the UK and beyond, while importantly contributing to Britain’s decarbonisation commitments.

 

United Kingdom, October 14th 2021

Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy and a world leader in the development of sustainable energy solutions, has successfully closed financing for the Dorset-based Holes Bay battery energy storage project. The closing has been completed with the British commercial bank NatWest, which will provide non-recourse financing for a non-contracted revenue model, making the project one of the first in the industry under this framework in the United Kingdom and worldwide.

The Holes Bay plant, which has a capacity of 7.5 MW/15 MWh, can store energy from the UK National Grid to provide flexibility services during the system peak hours, contributing to the network stability and supporting Britain’s decarbonization plan.

In operation since June 2020, the project is one of FRV’s two battery energy storage projects in the UK and was developed in collaboration with Yorkshire-based energy company Harmony Energy using Tesla Megapack batteries. Project Contego (34 MW/68 MWh) which is positioned as one of the most advanced and innovative energy storage systems in the country, recently went into operation. Another UK-based FRV project, Clay Tye (99 MW/198 MWh) has just been launched.

As part of its drive for global expansion, FRV-X has more than 500 MW of battery storage projects across a number of key markets, with 42 MW of projects in commercial operation.

According to Felipe Hernandez, Global Head of FRV-X, “The financial close of Holes Bay is a milestone in our growth objective in the UK energy storage market. This transaction strengthens the long-term sustainability of our business model and our leadership position in the market. In this way, we are setting the path for the rest of FRV’s assets in the country, which are in the commercial operation, construction and development phase”.

With this financial closing, FRV moves closer to its goal of building a more sustainable future through developing renewable projects that improve the efficiency of energy systems worldwide.

Jacob Lloyd, Director, Energy, Asset Finance, NatWest said: “We are delighted to have closed financing for the Holes Bay battery energy storage project in Dorset with Abdul Latif Jameel Energy’s Fotowatio Renewable Ventures (FRV). This further cements NatWest’s commitment to support business customers develop greener energy solutions to help with the transition to a low carbon environment.”

Fady Jameel, Deputy Chairman and Vice Chairman, Abdul Latif Jameel, said, “for Abdul Latif Jameel Energy’s FRV, storage technology is key to supporting the sustainable flow of electricity to communities, while helping the UK deliver on its renewable energy goals. This financial closing is not only an important chapter in the Holes Bay project, but also in forwarding FRV’s ambition to make a more sustainable future accessible worldwide.”