Corporate Funding for Energy Storage Companies Up 55% with $26.4 Billion in 2022

Clearstone Energy, a solar and battery energy storage projects developer, announced the sale of two Battery Energy Storage System projects in Southern England to Foresight Energy Infrastructure Partners. The Sundon project is located close to Luton, 25 miles north of London. The site is adjacent to the National Grid 400 kV substation at Sundon on the high voltage transmission line between offshore wind generation in North England and the distribution circuit supplying electricity to London.

Peridot Solar Limited (PSL), a developer, owner, and operator of solar and storage projects and a subsidiary of FitzWalter Capital, secured €120 million (~$129 million) bilateral financing from Infranity, an investment firm for the construction of seven solar photovoltaic assets in Italy. The total capacity of the project portfolio is 178 MW. This agreement is a significant milestone for PSL’s ambitions to reach 5 GW of renewable energy capacity across Europe by 2026.

Pulse Clean Energy, a UK-based energy storage project developer, secured a £175 million (~$215 million) credit facility with a syndicate of banks, including Santander, UK Infrastructure Bank, CIBC, and Investec. The proceeds will support the development of multiple new energy storage and grid stability projects across the UK. CIBC structured the financing as the sole financial advisor. Eversheds acted as borrower legal counsel, with Ashurst as lender counsel. Consulting firms Baringa acted as market advisors, Everoze and Fitchner as technical advisors, and Operis as model auditors.

HEP Group, a solar project developer and investment firm, announced the successful completion of debt and tax equity funding for the Oregon Community Solar Portfolio, totaling 17 MW. The portfolio comprises six solar projects that commenced commercial operation in December 2022 and is expected to produce 22,592,000 kWh of solar energy in its first year. This will power nearly 2,618 homes and avoid greenhouse emissions by 13,930 tons.

For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.

Read last week’s project finance brief.