September 25 (Renewables Now) - UK-based battery energy storage asset owner and operator Varco Energy has secured GBP 58 million (USD 71.1m/EUR 66.8m) in debt financing for the construction of two battery energy storage systems (BESS) in the UK.
The financing was arranged by British lender NatWest Group Plc (LON:NWG) and will go for the 57-MW/138-MWh Native River project south of Liverpool and the 57-MW/138-MWh Sizing John project south of St Helens, according to a statement published today.
Both sites are transmission-connected and are expected to be launched in operation in the fourth quarter of 2024.
“NatWest’s financing package enables us to deliver our first utility scale battery-based energy storage systems. We are excited to have secured this initial facility with one of the leaders in the specialist BESS financing market,” said James Mills, director at Varco Energy.
Varco recently tapped Fluence to deliver the Sizing John battery system. GE Vernova’s Solar & Storage Solutions business, in turn, was selected as a partner for the Native River project.
(GBP 1 = USD 1.226/EUR 1.153)