Funding secured for new renewable energy battery storage facility in Chesterfield
Chesterfield has been named as one of the areas to benefit from investment in a battery storage facility, adding to the town’s green growth.
Santander UK has provided a £27m funding package to 4 Renewable Energy, the independent power producer (IPP) arm of RGREEN INVEST, an independent French investment management company specialised in equity investments and financing for energy transition and climate change adaptation infrastructure projects. The funding supports construction and operations of four new-build battery storage facilities in England that 4 Renewable Energy acquired last year.
The new local facility will be based on Back Lane in Chesterfield, with facilities also being built in Rochdale, Plymoth and Bexhill on Sea.
Battery storage is key to ensuring the UK’s homes and businesses can be powered by renewable energy. It plays an important role in boosting the nation’s capability to capture, store and release renewable energy, providing a more reliable and regular supply.
Owned 100% by RGREEN INVEST’s INFRAGREEN IV fund, 4 Renewable Energy has plans to expand its UK portfolio beyond its first four battery storage facilities. It is actively pursuing additional battery storage projects under development or ready-to-build in the UK and is establishing a local team.
RGREEN INVEST’s managed entities have invested in more than 1,500 renewable energy projects to date and in large battery storage facilities in France – on the mainland and overseas. 4 Renewable Energy has wind, solar and battery storage projects under development and construction in Spain, Bulgaria, Portugal, Romania and Poland. Its portfolio of renewable energy projects totals more than 1.5 GW.
Since the start of 2019, Santander UK has committed more than £250m to the battery storage sector. This funding is part of Santander’s global target to lend €120bn in green finance to businesses throughout the world by 2025. The funding package provided to 4 Renewable Energy was partly financed by Santander UK’s Environmental and Social Growth Fund, which is designed to support lending that benefits the environment or society and contributes toward the UK’s sustainability agenda.
Sébastien Rondel, Head of Direct Investment for RGREEN INVEST and Director of 4 Renewable Energy, said: “This is our first venture into the UK market, and we are excited to be an active player. Our banking partner, Santander UK, has greatly supported this venture and is helping us pursue our strategic development abroad. Our choice of the UK is significant as the nation has made an ambitious decision to accelerate its transition to renewable energy sources, and battery systems are poised to become a key component of this strategy’s success.”
Mark Cumbo, Director, Specialised and Project Finance at Santander UK said: “We are delighted to support RGREEN INVEST’s entry into the UK renewables market with funding for the construction of its four battery storage facilities. Santander UK strongly supports clients such as RGREEN INVEST that are bringing positive environmental change to the UK’s energy sector, and we are delighted to provide funding for these new battery storage facilities throughout England.”
