{"id":17380,"date":"2023-01-30T08:59:22","date_gmt":"2023-01-30T07:59:22","guid":{"rendered":"https:\/\/frv.com\/?p=17380"},"modified":"2023-01-30T10:02:17","modified_gmt":"2023-01-30T09:02:17","slug":"frv-reaches-financial-close-on-uk-battery-portfolio","status":"publish","type":"post","link":"https:\/\/frv.com\/en\/frv-reaches-financial-close-on-uk-battery-portfolio\/","title":{"rendered":"FRV reaches financial close on UK battery portfolio"},"content":{"rendered":"<p><\/p>\n<ul>\n<li>Fotowatio Renewable Ventures has completed the simultaneous financial close of the battery energy storage (BESS) projects of Contego and Clay Tye.<\/li>\n<li>The transaction was carried out with Natixis CIB UK, the amount of the financing package reaching \u00a361 million, closing on December 23<sup>rd<\/sup><\/li>\n<li>The transaction is a major milestone for FRV as these two projects are the largest project finance (on a combined basis) executed on two highly merchant battery (c.90%) projects in Europe to date.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>London, January 30<sup>th<\/sup> 2023<\/strong><\/p>\n<p><a href=\"https:\/\/frv.com\/\">Fotowatio Renewable Ventures<\/a>, part of <a href=\"https:\/\/www.alj.com\/en\/energy-and-environmental-services\/energy-overview\/\">Abdul Latif Jameel Energy<\/a>, and a world leader in the development of sustainable energy solutions, has completed the simultaneous financial close of the battery energy storage projects (BESS) of Contego and Clay Tye, located in West Sussex and Essex (both in the United Kingdom) respectively. The transaction was carried out with Natixis CIB UK under the project finance modality (reaching \u00a361 million), with the debt financing representing, on a combined basis, more than 60% of the cost of the projects. As part of the financing package, FRV has also closed two Debt Service Reserve Facilities (one for each project) and a VAT facility.<\/p>\n<p>The transaction is a major milestone for FRV as these two projects are the largest project finance executed on two highly merchant battery (c.90%) projects in Europe to date.<\/p>\n<p>With an output of 99 MW, Clay Tye has a capacity of 198 MWh, using 52 Tesla Megapack lithium-ion batteries. Contego, meanwhile, uses 28 Tesla Megapack batteries and has an output of 34 MW and a capacity of 68 MWh. In total, FRV already has a pipeline of more than 5 GW of battery storage projects under development in the UK.<\/p>\n<p>The financing of projects developed by FRV qualify as Green Loan under the Green Loan Principles developed by the Loan Market Association and in accordance with FRV&#8217;s corporate Green Financing Framework, which encompasses green bonds, project finance, green loans and any other financial tool applicable to projects, assets or groups of assets.<\/p>\n<p><strong>Batteries, operational excellence and FRV&#8217;s leadership in storage<\/strong><\/p>\n<p>During 2022 Contego and Holes Bay, two of FRV&#8217;s battery plants in the UK, have been the two best performing battery assets in the country according to the ranking prepared by the monitoring tool MODO Energy, demonstrating FRV&#8217;s success in the management of its battery assets, a reliable and safe partner to consolidate the future of renewable energies worldwide.<\/p>\n                <div class=\"sh-quote\">\n                    <div class=\"sh-quote-content\">\n                        The financial close of these projects adds another milestone to our growth objective in the UK storage market, strengthening the sustainability of the business model in the long term and our leadership position in the market. FRV also has other assets in the UK market that are currently in different stages of execution.                    <\/div>\n                                            <div class=\"sh-quote-name\">\n                            David Men\u00e9ndez                        <\/div>\n                                                                <div class=\"sh-quote-position\">\n                            Managing Director of FRV UK                        <\/div>\n                                    <\/div>\n            \n<p>&nbsp;<\/p>\n<p>With this financial close, FRV moves closer to its goal of building a more sustainable future through the development of renewable projects that improve the efficiency of energy systems around the world.<\/p>\n<p>&nbsp;<\/p>\n                <div class=\"sh-quote\">\n                    <div class=\"sh-quote-content\">\n                        One of the focuses of Natixis CIB strategy is to finance the energy transition and increase our Green Loan origination, while supporting our core clients. BESS are a requirement to be able to reach the UK decarbonization objectives, as they will allow further penetration of renewable energy in the UK energy mix while partially addressing the structural imbalances in the UK grid. This transaction is an example of innovative financing structured by Natixis adjusted to BESS business model and it\u2019s another illustration of our close collaboration with FRV, an international leader in sustainable energy production as well as a proven successful BESS manager. We are keen to support this growing BESS sector, with an initial focus on the UK, Australia, the US and Europe.                    <\/div>\n                                            <div class=\"sh-quote-name\">\n                            Pascal Soldaini                        <\/div>\n                                                                <div class=\"sh-quote-position\">\n                            Managing Director and Head of the Infrastructure &amp; Energy Finance at Natixis CIB UK                        <\/div>\n                                    <\/div>\n            \n<p>&nbsp;<\/p>\n                <div class=\"sh-quote\">\n                    <div class=\"sh-quote-content\">\n                        Reaching this financial close marks another milestone in our commitment to developing the UK\u2019s renewable energy sector and supporting the realization of the country\u2019s ambitions towards reaching net zero emissions by 2050. This significant achievement further promotes our position as a trusted partner that is leading the sector\u2019s transformation around the world, while we make impressive progress in expanding our portfolio of BESS projects in the UK and globally.                    <\/div>\n                                            <div class=\"sh-quote-name\">\n                            Fady Jameel                        <\/div>\n                                                                <div class=\"sh-quote-position\">\n                            Deputy President and Vice Chairman, Abdul Latif Jameel said                        <\/div>\n                                    <\/div>\n            \n<p>&nbsp;<\/p>\n\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fotowatio Renewable Ventures has completed the simultaneous financial close of the battery energy storage (BESS) projects of Contego and Clay Tye. The transaction was carried out with Natixis CIB UK, the amount of the financing package reaching \u00a361 million, closing on December 23rd The transaction is a major milestone for FRV as these two projects\u2026<\/p>\n","protected":false},"author":9,"featured_media":17050,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8,4],"tags":[47],"class_list":["post-17380","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-press-releases","tag-bess"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FRV reaches financial close on UK battery portfolio<\/title>\n<meta name=\"description\" content=\"FRV has completed the simultaneous financial close of the battery energy storage (BESS) projects of Contego and Clay Tye with Natixis CIB UK\" 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Beltr\u00e1n"},"url":"https:\/\/frv.com\/en\/author\/guillermo-agullofrv-com\/"}]}},"search_content":"<p><\/p>\n<ul>\n<li>Fotowatio Renewable Ventures has completed the simultaneous financial close of the battery energy storage (BESS) projects of Contego and Clay Tye.<\/li>\n<li>The transaction was carried out with Natixis CIB UK, the amount of the financing package reaching \u00a361 million, closing on December 23<sup>rd<\/sup><\/li>\n<li>The transaction is a major milestone for FRV as these two projects are the largest project finance (on a combined basis) executed on two highly merchant battery (c.90%) projects in Europe to date.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>London, January 30<sup>th<\/sup> 2023<\/strong><\/p>\n<p><a href=\"https:\/\/frv.com\/\">Fotowatio Renewable Ventures<\/a>, part of <a href=\"https:\/\/www.alj.com\/en\/energy-and-environmental-services\/energy-overview\/\">Abdul Latif Jameel Energy<\/a>, and a world leader in the development of sustainable energy solutions, has completed the simultaneous financial close of the battery energy storage projects (BESS) of Contego and Clay Tye, located in West Sussex and Essex (both in the United Kingdom) respectively. The transaction was carried out with Natixis CIB UK under the project finance modality (reaching \u00a361 million), with the debt financing representing, on a combined basis, more than 60% of the cost of the projects. As part of the financing package, FRV has also closed two Debt Service Reserve Facilities (one for each project) and a VAT facility.<\/p>\n<p>The transaction is a major milestone for FRV as these two projects are the largest project finance executed on two highly merchant battery (c.90%) projects in Europe to date.<\/p>\n<p>With an output of 99 MW, Clay Tye has a capacity of 198 MWh, using 52 Tesla Megapack lithium-ion batteries. Contego, meanwhile, uses 28 Tesla Megapack batteries and has an output of 34 MW and a capacity of 68 MWh. In total, FRV already has a pipeline of more than 5 GW of battery storage projects under development in the UK.<\/p>\n<p>The financing of projects developed by FRV qualify as Green Loan under the Green Loan Principles developed by the Loan Market Association and in accordance with FRV&#8217;s corporate Green Financing Framework, which encompasses green bonds, project finance, green loans and any other financial tool applicable to projects, assets or groups of assets.<\/p>\n<p><strong>Batteries, operational excellence and FRV&#8217;s leadership in storage<\/strong><\/p>\n<p>During 2022 Contego and Holes Bay, two of FRV&#8217;s battery plants in the UK, have been the two best performing battery assets in the country according to the ranking prepared by the monitoring tool MODO Energy, demonstrating FRV&#8217;s success in the management of its battery assets, a reliable and safe partner to consolidate the future of renewable energies worldwide.<\/p>\n                <div class=\"sh-quote\">\n                    <div class=\"sh-quote-content\">\n                        The financial close of these projects adds another milestone to our growth objective in the UK storage market, strengthening the sustainability of the business model in the long term and our leadership position in the market. FRV also has other assets in the UK market that are currently in different stages of execution.                    <\/div>\n                                            <div class=\"sh-quote-name\">\n                            David Men\u00e9ndez                        <\/div>\n                                                                <div class=\"sh-quote-position\">\n                            Managing Director of FRV UK                        <\/div>\n                                    <\/div>\n            \n<p>&nbsp;<\/p>\n<p>With this financial close, FRV moves closer to its goal of building a more sustainable future through the development of renewable projects that improve the efficiency of energy systems around the world.<\/p>\n<p>&nbsp;<\/p>\n                <div class=\"sh-quote\">\n                    <div class=\"sh-quote-content\">\n                        One of the focuses of Natixis CIB strategy is to finance the energy transition and increase our Green Loan origination, while supporting our core clients. BESS are a requirement to be able to reach the UK decarbonization objectives, as they will allow further penetration of renewable energy in the UK energy mix while partially addressing the structural imbalances in the UK grid. This transaction is an example of innovative financing structured by Natixis adjusted to BESS business model and it\u2019s another illustration of our close collaboration with FRV, an international leader in sustainable energy production as well as a proven successful BESS manager. We are keen to support this growing BESS sector, with an initial focus on the UK, Australia, the US and Europe.                    <\/div>\n                                            <div class=\"sh-quote-name\">\n                            Pascal Soldaini                        <\/div>\n                                                                <div class=\"sh-quote-position\">\n                            Managing Director and Head of the Infrastructure &amp; Energy Finance at Natixis CIB UK                        <\/div>\n                                    <\/div>\n            \n<p>&nbsp;<\/p>\n                <div class=\"sh-quote\">\n                    <div class=\"sh-quote-content\">\n                        Reaching this financial close marks another milestone in our commitment to developing the UK\u2019s renewable energy sector and supporting the realization of the country\u2019s ambitions towards reaching net zero emissions by 2050. This significant achievement further promotes our position as a trusted partner that is leading the sector\u2019s transformation around the world, while we make impressive progress in expanding our portfolio of BESS projects in the UK and globally.                    <\/div>\n                                            <div class=\"sh-quote-name\">\n                            Fady Jameel                        <\/div>\n                                                                <div class=\"sh-quote-position\">\n                            Deputy President and Vice Chairman, Abdul Latif Jameel said                        <\/div>\n                                    <\/div>\n            \n<p>&nbsp;<\/p>\n\n<p>&nbsp;<\/p>\n","search_term":"BESS, Financial Close","_links":{"self":[{"href":"https:\/\/frv.com\/en\/wp-json\/wp\/v2\/posts\/17380","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/frv.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/frv.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/frv.com\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/frv.com\/en\/wp-json\/wp\/v2\/comments?post=17380"}],"version-history":[{"count":3,"href":"https:\/\/frv.com\/en\/wp-json\/wp\/v2\/posts\/17380\/revisions"}],"predecessor-version":[{"id":17384,"href":"https:\/\/frv.com\/en\/wp-json\/wp\/v2\/posts\/17380\/revisions\/17384"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/frv.com\/en\/wp-json\/wp\/v2\/media\/17050"}],"wp:attachment":[{"href":"https:\/\/frv.com\/en\/wp-json\/wp\/v2\/media?parent=17380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/frv.com\/en\/wp-json\/wp\/v2\/categories?post=17380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/frv.com\/en\/wp-json\/wp\/v2\/tags?post=17380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}