TagEnergy's Pitkevy Project: Powering Scotland's Clean Energy Future

Feb 22, 2024 03:51 PM ET
  • Global clean energy investor TagEnergy secures GBP 70 million financing for 49.9-MW battery storage project in Fife, Scotland, utilizing Tesla's Megapack 2 XL system. Construction underway, grid connection expected by year-end.

Global clean energy investor TagEnergy has secured financing for a 49.9-MW/99.8-MWh battery energy storage system project in Fife, Scotland. The GBP 70 million funding from Santander UK, Rabobank, and Triple Point will support the construction of the Pitkevy facility, which is TagEnergy's sixth BESS project in the UK. The project is expected to be connected to the grid by the end of this year and will utilize Tesla's Megapack 2 XL battery system.

The financing package, originally intended for TagEnergy's Lakeside BESS project, includes an uncommitted accordion facility that allowed for the incorporation of the Pitkevy project. Flexitricity will serve as a route to market and battery optimiser, while RES Group will act as the asset manager for the project. TagEnergy acquired the Pitkevy project from developer ILI Group in October 2022, and construction is currently underway with RJ McLeod handling installation works.

What companies are involved in financing and managing TagEnergy's Pitkevy BESS project in Scotland?

  • Santander UK
  • Rabobank
  • Triple Point
  • Flexitricity
  • RES Group
  • RJ McLeod

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