Pacific Green Technologies safeguards financial obligation financing for 99.8 MW BESS

• Pacific Green Technologies is to finance the building of its 99.8 MW battery energy storage space system with ₤ 23 million of financial obligation financing.

This is being given from UK merchant banking team Close Leasing Limited, with the financing expected to reach monetary close in Q4 2021.

Scott Poulter, Pacific Green Technologies' president, claimed the firm had actually obtained "various deals from extremely competitive investors" yet had picked Close Leasing - which belongs to the Close Brothers group - as a result of its flexibility and previous experience funding renewable resource projects of a comparable size.

The BESS is located at Richborough Energy park in Kent, and is being established with the company's wholly-owned subsidiary, Pacific Green Energy Storage (UK) Limited. Energisation of the possession is on track for 2022.

It is the very first project in Pacific Green Technologies' 1.1 GW battery storage pipeline, which it signed an exclusivity arrangement for in March. The remainder of the sites, which were initially sourced by TUPA Energy, are to be finished by 2023.