UK energy company TagEnergy announced the arranging of finance its next UK battery energy storage system (BESS). The secured loan of up to £70 million ($85 million) was provided by Santander, Rabobank, and Triple Point.
The money will finance the construction and operation of TagEnergy’s Lakeside project in Yorkshire, England. Tesla, Habitat Energy and RES are project partners on the 100MW/200MWh facility. Tesla will provide Megapack 2XL lithium-ion batteries.
Habitat Energy will act as battery optimiser, while renewable energy company RES has been engaged as asset manager.
Construction started on Lakeside in August and the energy park is due to go live by mid-2024. TagEnergy acquired its 100% stake in the BESS, its fifth UK investment, from RES in December 2021.
