Cero Generation, a solar and storage project developer, and its UK development partner Enso Energy announced financial closure on the 49.5 MW/ 99 MWh battery energy storage project.
The battery will be co-located with the Larks Green solar PV project in South Gloucestershire – a 49.9 MW solar farm developed jointly by Cero and Enso, which came online in May.
The financing was provided by Rabobank, who also financed the Larks Green solar project. The project has enabled the establishment of long-term partnerships with both Canadian Solar as the lead on the engineering, procurement and construction (EPC) for the battery and EDF as the battery performance optimizer.
Marta Martinez Queimadelos, CEO of Cero Generation, said: “We’re delighted to announce our first financial close for one of our battery energy storage projects. Co-location enables solar power to go further, maximizing the benefits renewables bring to the table and helping to accelerate the UK’s net zero transition. We’re particularly excited that this battery is co-located with our Larks Green solar farm, the first solar farm in the UK to connect directly to the transmission network, marking not only an industry first but also a national milestone. Working alongside Enso, Canadian Solar, EDF, and Rabobank has been a pleasure, and I’m grateful to everyone involved in reaching this stage. Collaboration is crucial to the changes and progress we must see across sectors to build a sustainable future.”
According to Mercom’s Q1 2023 Storage and Smart Grid Funding and M&A Report, Energy Storage project funding was $2 billion in nine deals in Q1 2023, compared to $749 million raised in seven deals in Q4 2022. Ingrid Capacity, an energy storage project developer, recently secured SEK1 billion (~$96.7 million) financing for BW Energy Storage Systems (BW ESS), a battery storage subsidiary of BW Group. The funding will go towards the execution of a 400 MW pipeline of battery energy storage system (BESS) projects and support the company’s expansion in Europe, Australia, and the US markets.