Quinbrook Infrastructure Partners has successfully closed a record-breaking project financing for Cleve Hill Solar Park, the largest solar and battery storage project in the UK. The £238.5 million financing, secured for the 373MW solar photovoltaic (PV) and 150MW battery energy storage system (BESS) in Kent, marks a significant milestone as the first such project consented as a Nationally Significant Infrastructure Project (NSIP).
The financing package includes a £218.5 million term loan and a £20 million VAT facility, with Lloyds and NatWest providing the funding. This deal represents the largest solar and battery storage project financing ever closed in the UK, structured in two tranches: the solar PV term loan completed in August 2024, and the BESS facility financing finalized in March 2025.
The Cleve Hill project, currently under construction, is expected to begin operations later this year.
Quinbrook Managing Director and UK Regional Leader Keith Gains commented on the significance of the project, saying: “Cleve Hill is a model for the development and financing of future large-scale projects in the UK that can meaningfully support the country's decarbonisation goals while spurring economic growth and long-term job opportunities for local communities.”
Gains also highlighted that the record financing marks a major achievement for the project, underscoring the collaboration between Quinbrook, Private Energy Partners, and their lending partners.
Cleve Hill's financing is supported by several key revenue contracts, including the largest award for a UK solar project in Round 4 of the government's 15-year Contract for Difference auction scheme. Additionally, the project has secured a landmark offtake agreement with Tesco PLC, which will purchase 65% of the solar generation. The project will also benefit from a 15-year Capacity Market Agreement for the BESS, which guarantees compensation for power generation capabilities during peak demand periods, ensuring grid reliability.
The Capacity Market Agreement brings the total contracted and index-linked revenues for the project to over £480 million.
James Taylor, Head of Infrastructure and Project Finance at Lloyds, expressed optimism about the project's impact, stating: “This landmark energy infrastructure project is another boost to the UK's attractiveness as a destination for investment. As one of the UK's largest retail and commercial banks, we work with businesses across the country to provide our support for projects that will help to deliver economic growth, provide energy security, and create jobs.”
Lyudmil Banev, Director of Project Finance at NatWest, also praised the project's significance, saying: “We are proud to have continued our global partnership with Quinbrook, working closely from the early stages of Cleve Hill to structure and underwrite a complete financing for the first and largest co-location NSIP in the UK.”
Banev emphasized the strategic importance of co-location in the UK's decarbonisation strategy, noting: “Cleve Hill is a cornerstone transaction for the UK market, delivering material new renewable capacity whilst alleviating grid constraints, with a sizeable local community and biodiversity benefit.”
Cleve Hill was granted development consent in May 2020 and is expected to reduce carbon emissions by over 142,000 tonnes in its first year of operation. The project aims to achieve a net gain of over 67% in biodiversity and is expected to create over 2,500 direct and indirect jobs, generating more than £114 million in local socio-economic benefits.
Rory Quinlan, Quinbrook's Co-founder and Managing Partner, added: “When this project was envisioned over five years ago, we knew solar and battery storage projects of this scale would play a critical role in accelerating the UK's transition, and Cleve Hill is a prime example of how strategic investments can enhance national energy infrastructure.
