According to a TagEnergy statement, engineering procurement and construction contractor Tesla will provide a system of Tesla Megapack 2XL lithium-ion batteries. Habitat Energy partners as a route to market and battery optimiser, while independent renewable energy company RES has been engaged as an asset manager.
Construction commenced on the Lakeside project in August 2023, with the energy park due to go live by mid-2024. TagEnergy acquired its 100% stake in the battery storage facility from RES in December 2021.
Development at the BESS project will be aided by a debt package worth up to £70 million, provided by lenders Santander, Rabobank and Triple Point. It also includes an uncommitted accordion facility with a view to incorporate further assets into the funding structure.
Franck Woitiez, CEO of TagEnergy said: “Securing a single non-recourse debt package without a revenue floor is testament to the value our innovative approach to financing offers the market. We’re excited to now move to the next stage of the project to accelerate the energy transition.
“Just as important as our innovative financing practices are the relationships we’ve built with a strong network of UK project partners. We’re pleased to be working with Habitat Energy, Tesla and RES to deliver our Lakeside facility, as we relentlessly pursue our ambitions to achieve net zero by connecting more people to more renewable power.”
