The financing for the Sheaf Energy Park project, totaling GBP 120 million (approximately USD 149 million or EUR 138.6 million), has been backed by the UK Infrastructure Bank Ltd (UKIB) and NatWest plc, also known as National Westminster Bank plc. Each of these prominent lenders has contributed GBP 60 million towards the development and construction of the battery storage facility.
Pacific Green is committed to repaying the loan with a 10-year amortization profile, commencing upon the BESS's commencement of commercial operations.
Scheduled to go live in April 2025, the Sheaf Energy Park is expected to operate for an impressive 35-year period. The project will be carried out by Pacific Green Battery Energy Parks 2 Ltd, a subsidiary of Pacific Green.
The company acquired the project rights from the original developer, Tupa Energy Holdings Ltd, towards the end of the previous year. This energy storage facility will be strategically located near Pacific Green's Richborough Energy Park, which was the subject of a GBP-74-million deal reached during the summer.