Fidra Energy, a battery energy storage project developer, secured up to £445 million (~$603 million) of new equity investment from EIG and the National Wealth Fund (NWF).
The funding will be used for the development of its 1,400 MW/3,100 MWh Thorpe Marsh battery energy storage project located in Doncaster, South Yorkshire.
In addition to the investment from EIG and NWF, the construction will be funded by new loan facilities of £594 million (~$805 million) from international lenders.
The project construction is scheduled to begin immediately and is expected to reach commercial operation in mid-2027. Once operational, the battery storage system is estimated to have the potential to export more than 2 million MWh of electricity per year.
Santander CIB, New End, and EIG Global Energy Partners Capital Markets acted as financial advisors to EIG and Fidra Energy on the transaction.
Sungrow, an energy storage technology solutions provider, will supply its Power Titan 2.0 batteries for the project. H&MV Engineering will be the principal designer and contractor of the 400kV grid connection, electrical, and mechanical scheme, as well as for the erection and commissioning of the Sungrow battery systems.
Fidra has signed long-term offtake agreements with EDF, Octopus Energy, and Statkraft for around 80% of the Thorpe Marsh project’s capacity. In March 2025, the project secured a fifteen-year capacity market award from the UK Government commencing in October 2028.
According to Mercom’s 1H and Q2 2025 Funding and M&A Report for Energy Storage report, announced Energy Storage project financing increased 168% year-over-year in 2025.
In September, Grenergy, an independent solar and wind power producer, raised $270 million in senior non-recourse financing, including a term loan and letters of credit. The facility will be used to deploy 3.5 GWh of battery energy storage capacity for the sixth phase of the Oasis de Atacama project, known as Elena.
