Fidra Energy has announced it has reached financial close with £445 million of equity investment from institutional investor EIG and the National Wealth Fund (NWF) for its battery project at Thorpe Marsh.
Construction of Thorpe Marsh in Doncaster, South Yorkshire is set to begin immediately. In addition to the investment by EIG and the NWF, it will be funded by new loan facilities of £594 million from international lenders. Fidra Energy says Thorpe Marsh is the largest standalone battery project financed globally and the largest battery financing in Europe.
The 1,400MW/3,100MWh project, which is expected to be operational starting in mid-2027, will be the largest battery storage facility in the UK and among the largest in Europe. It is three times larger than any other battery project currently in operation or under construction in the UK.
Fidra Energy said the funding will also help finance Fidra’s future pipeline, including a 500MW/1,100MWh battery at West Burton, Nottinghamshire. It said Thorpe Marsh and West Burton could provide up to 11% of the additional storage capacity needed under the UK Government’s Clean Power 2030 mission.