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.

“We are delighted to have completed this financing to aid in the continuing delivery against our ambition to build 1GW+ of energy storage and stability assets,” said Nicola Johnson, Chief Financial Officer at Pulse Clean Energy. “We look forward to building on the relationships with our syndicate banks.”

The money will go towards the firm’s 1GWh pipeline of battery energy storage system (BESS) projects in the UK market. This year it acquired 90MW of projects in Stafford and Aberdeen and a 72MW project in Manchester in two separate deals.

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.