Still Waters Green Technology (“SWGT”), an independent battery energy storage system (“BESS”) asset manager in the UK, is pleased to announce the £12 million non-recourse Phase One Financial Close with Santander UK, of a 30MW utility-scale, subsidy-free BESS asset in Swindon.
It is the first project finance funding structure that has adopted a multi debt tranche approach to the tiered risk profile of the BESS revenue model.
The financing is delivered under Santander’s Environmental & Social Growth Fund (“ESGF”) structure.
Coupled with its advanced Phase Two project and immediate pipeline of at least 180MW under development, SWGT is becoming one of the UK’s largest independent battery storage asset owners, developers and operators.
This pioneering project supports the growth of renewable energy sources by providing up to 65GWh of annual import and export capacity to the National Grid during its Phase One development, that is critical to meeting the UK’s carbon emission reduction target and Net Zero ambition.
In addition, with its 25-container market leading Li-lon technical solution, the project provides a significant contribution to; the reduction the reserve utilisation from gas fired generators, transmission and distribution congestion and losses, and future flexibility and grid stability through participation in the capacity, frequency response and grid balancing programs.
Olivia He, Chief Investment Officer at SWGT comments: “This project is testimony to the resilience of the energy transition fuelled by innovation and a strong appetite for renewable energy from investors.
“Phase One establishes a solid foundation for SWGT’s growth ambition and vision to become the preeminent UK renewable energy sponsor, supporting the integration of low-carbon power generation locally and worldwide.”