WElink Group Secures Financing for 1.6 GW Energy Storage Portfolio

WElink Group, a developer of PV Solar, Wind, BESS, and hybrid clean energy projects in Europe, secured a €20 million (~$21.57 million) borrowing base facility for a 1.6 GW pre-ready-to-build (RTB) energy storage-systems portfolio in Italy. Kommunalkredit Austria, a specialized infrastructure and energy financing bank, acted as the Mandated Lead Arranger (MLA).

“Battery energy storage systems will play a pivotal role in the energy turnaround. Through storing excess renewable energy for times of higher demand, they are smoothing out fluctuations and ensure stability & reliability of the grid. Therefore, we are proud to have supported WElink, and together with their experienced team, we are driving the transition to a more sustainable energy future”, said Kommunalkredit CEO Bernd Fislage.

The BESS portfolio comprises twelve projects across Italy, with four projects already acquired and the balance under development contract for near-term acquisition.

“This borrowing base facility will enable WElink to further expand its BESS portfolio in Italy and deliver critical infrastructure to a core market. This facility further extends the funding relationship that we have with Kommunalkredit, and it is very rewarding to be engaged with such a strategic funding partner, as we work in partnership to create further opportunities across the renewable energy development pathway through to operation of the projects”, said Barry O’Neill, CEO WElink Group.

According to Mercom’s Q1 2024 Funding and M&A report for Storage and Smart Grid, energy storage project funding increased 65% YoY, coming in at $3.3 billion in nine deals in Q1 2024 compared to $2 billion raised in nine project funding announcements in Q1 2023.

TagEnergy, a clean energy company investing in competitive generation and storage assets, recently secured financial closure on the 49.9 MW/ 99.8 MWh Pitkevy facility in Fife, Scotland. The energy storage project was financed under a non-recourse green loan package of up to £70 million (~$88.35 million), provided by lenders Santander UK, Rabobank, and Triple Point on a fully merchant basis (except for Capacity Market revenues).