Renewable energy developer Elements Green has secured a £140 million debt facility from Goldman Sachs Alternatives to support the construction of one of the UK’s largest battery energy storage systems (BESS), the company said on Friday.
The financing will be used for the 360MW/720MWh Staythorpe battery storage project, located near the Staythorpe National Grid substation in Newark, Nottinghamshire. The site is currently in early construction, with full commissioning targeted for mid-2027.
“This marks a significant step forward for Elements Green and for battery storage in the UK,” said James Gates, chief investment officer at Elements Green. “Our partnership with Goldman Sachs Alternatives and the support of IDCM demonstrates the confidence in our platform and our ability to deliver high-impact energy projects at scale.”
The Staythorpe BESS project benefits from long-term contracted revenues through a 15-year capacity market agreement and a separate floor contract with energy supplier EDF. Construction is being led by Mitie Power & Grid, with battery technology supplied by Hithium. Mitie’s subsidiary G2 Energy is responsible for delivering the associated 400kV grid connection infrastructure.
Christian Schaefer, managing director and co-head of climate credit at Goldman Sachs Alternatives, said: “We are excited to partner with Elements Green and contribute to the realisation of this strategic project with a bespoke project finance unitranche solution.”
Elements Green was advised by infrastructure and energy financial consultancy IDCM throughout the transaction. The Staythorpe battery system is designed for an operational life of 40 years.
