Eelpower finds cash for UK storage growth

Eelpower Leverton battery storage (Photo: Eelpower)

UK battery storage developer, Eelpower, has secured an agreement for debt funding with Gravis Capital to grow its pipeline of permitted storage sites and pursue new development opportunities in the UK.

The financing agreement with Eelpower is being made through the GCP Asset Backed Income Fund, an investment company advised by Gravis, which focuses on providing financing supported by physical assets and long-term cash flows.

Gravis has extended a £20 million financing facility to aid the company’s plans to build, own and operate a fleet of grid-connected batteries, according to Eelpower.

Mark Simon, Chief Executive of Eelpower, said: “The Gravis investment in Eelpower’s battery storage business underlines the scale and investment strength of our current portfolio, and the growth potential of Eelpower and indeed the battery storage market in the UK.”

Gravis’ decision to support Eelpower follows the November 2017 commissioning of Eelpower’s 10MW Leverton battery storage facility near Lincoln, and March 2018 announcement that it had co-located battery units at two low-head river hydro schemes in Yorkshire – owned and operated by its sister company Barn Energy.

The Leverton storage facility was Eelpower’s first storage project to be commissioned in the UK – the company secured a Firm Frequency Response contract from National Grid in October 2017, and had already entered into a fifteen-year T-4 Capacity Market contract starting in October 2020.

Philip Kent of Gravis said: “We are delighted to have completed the financing arrangement with Eelpower to enable the company to continue to develop its pipeline.”

Share this article

Follow Marine Energy

Events>

<< Aug 2019 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >

Green Energy & Expo 2019

Conferenceseries LLC Ltd is an amalgamation of Open Access Publications and worldwide international science conferences and events…

read more >

EWTEC2019

The European Wave and Tidal Energy Conference (EWTEC) series are international, technical and scientific conferences…

read more >

SPE 2019

SPE Offshore Europe is recognised by offshore E&P professionals as Europe’s leading E&P event…

read more >