Pulse Clean Energy has secured a £52.5 million financing package for its Upper Boat synchronous condenser project in South Wales, in a deal backed by NORD/LB and described as one of the largest single-asset transactions of its kind in the UK.
The funding will support construction of the Upper Boat facility while releasing capital for reinvestment into Pulse’s growing battery energy storage system (BESS) pipeline, as the company scales its role in the UK’s energy transition.
The Upper Boat project is already under construction, with energisation of the first of two grid connections expected later in 2026. It forms part of the National Energy System Operator’s Pathfinder 3 programme, which procures grid stability services from market participants. Pathfinder 3 projects are projected to deliver more than £14 billion in consumer savings between 2025 and 2035.
Pulse synchronous condenser
Synchronous condensers are increasingly being deployed to maintain grid stability as fossil fuel generation is phased out. Unlike conventional generators, they provide inertia and voltage support without combustion or direct emissions. NESO’s most recent stability procurement round awarded 7.3GVAs of contracts exclusively to synchronous condenser projects, underlining their growing importance in a decarbonising electricity system.
Alongside stability assets, battery storage is expected to play a central role in balancing intermittent renewable generation. NESO forecasts that the UK will require at least 50GW of energy storage capacity by 2050, with BESS deployments forming a significant share of that total. Pulse, which operates one of the UK’s larger battery storage portfolios, is continuing to expand its pipeline in response.
Nicola Johnson, CFO at Pulse Clean Energy, said: “This financing is a significant milestone – not just for Upper Boat, but for what it enables Pulse to achieve more widely. We’re really pleased to have completed another transaction with NORD/LB, whose expertise and continued partnership has been invaluable to Pulse. The UK’s energy transition requires new infrastructure across every layer of the system, and ultimately that means more affordable, cleaner energy for consumers. We’re proud to be contributing to that, both through delivering assets like Upper Boat and the battery storage projects we’re developing for the years ahead.”
Niels Jakeman, Head of Energy Origination Europe at NORD/LB, added: “We’re deeply honoured to be continuing our partnership with Pulse Clean Energy by financing the Upper Boat synchronous condenser project in South Wales. Having worked together on a number of transactions, it’s great to build on that relationship with an impactful project like this. Synchronous condensers have an important role to play in supporting grid stability alongside growing renewable capacity, and we’re proud to be backing infrastructure that will help enable a more resilient, lower-carbon energy system in the UK. We look forward to continuing to work together with Pulse Clean Energy on future projects that help drive the UK’s renewable energy transition.”
Pulse was advised on the transaction by Eversheds Sutherland, with Watson Farley & Williams acting for the lender. Arup served as technical advisor, alongside Baringa as market advisor, Opus as financial advisor and Chatham Financial on hedging.
The transaction follows a £220 million refinancing completed by Pulse last year, also supported by NORD/LB, and reflects continued institutional investment in grid infrastructure spanning both stability services and energy storage.
Photo: a CGI render of the Upper Boat project in South Wales © Pulse Clean Energy
