The UK Infrastructure Bank has unveiled a significant £60 million loan to bolster Pacific Green Technologies in its endeavor to develop a robust 249MW/373.5MWh electricity storage park in Kent. This financial backing is a crucial part of a broader £120 million debt package, in collaboration with NatWest, which will facilitate the construction of a pioneering short-duration battery storage facility.
Once completed, the Sheaf Energy Park, situated on the site of a former thermal power station, is poised to become one of the largest standalone battery storage projects in the United Kingdom. This project reflects the nation's growing commitment to expanding its energy storage infrastructure.
John Flint, Chief Executive of the UK Infrastructure Bank, highlighted the urgency for enhanced storage capacity in light of the rapid increase in renewable energy integration into the grid. He emphasized that the bank's role is to accelerate the deployment of this technology, addressing the challenges posed to the energy market. Flint remarked, “We want to play a meaningful role in the transition of the energy sector, and this deal is a great example of how the Bank's debt financing can help accelerate these large storage projects to bring them online sooner, while also providing crucial market confidence in the sector.”
Pacific Green Technologies' Chief Executive, Scott Poulter, expressed enthusiasm for the collaboration with UKIB and NatWest, recognizing the significance of financing this groundbreaking battery energy storage project. Poulter noted that the Sheaf Energy Park will play a pivotal role in contributing to the UK's Net Zero Strategy, aligning with the nation's ambitious sustainability goals for the coming decades.