June 22 (Renewables Now) - Pacific Green Technologies Inc (OTCMKTS:PGTK) on Tuesday said it has reached financial close for senior debt associated with its 99.98-MW energy storage facility in Richborough Energy Park project in Kent, England.
The financial close relates to GBP 28.3 million (USD 34.7m/EUR 33.1m) of senior debt that in combination with equity secures the funding required for the specific project. The equity investment for the scheme is provided by Green Power Reserves Ltd.
The development loan for the battery storage site’s construction will be extended by Close Leasing Ltd, a unit of UK merchant bank Close Brothers Group. The funding will be used in stages after the equity investment is depleted and then be refinanced into a 10-year amortised term loan.
The Richborough Energy Park is scheduled to come online in June 2023. Production and delivery of the battery energy storage system (BESS) by Shanghai Electric Gotion New Energy Technology Co Ltd will start later in 2022.
Pacific Green says it is developing a 1.1-GW BESS pipeline in the UK.
(GBP 1.0 = USD 1.230/EUR 1.169)