Jan 24 2023
TagEnergy’s fourth UK battery storage facility reaches financial close as Santander funds 49.9MW/100MWh Roaring Hill project
Global clean energy enterprise TagEnergy has achieved yet another landmark in its rapid expansion in the UK market – reaching financial close on its fourth battery storage facility, the 49.9MW/100MWh Roaring Hill development in Fife, Scotland.
TagEnergy attained financial close while retaining 100 per cent equity in the project after receiving funding from lender Santander UK.
Construction will now commence on the facility that is expected to begin operating in Q1 2024 with the project’s initial developer, leading independent renewable energy company RES, as asset manager.
TagEnergy acquired Roaring Hill from RES in September 2021.
The facility will use a system of Tesla Megapack lithium-ion batteries, together with Tesla’s Autobidder AI software for real-time trading and control.
Roaring Hill is the fourth TagEnergy battery energy storage facility to reach financial close and the fourth to be supported by Santander UK funding since the business entered the UK market in 2020.
TagEnergy’s first project, Hawkers Hill Energy Park in Dorset, England, commenced operations in September 2022, while construction is underway on Jamesfield, near Abernethy, Scotland, and Chapel Farm near Luton.
Franck Woitiez, Chief Executive Officer, TagEnergy said the company’s momentum reflected its determination to speed the shift to a clean energy future.
“When TagEnergy entered the UK market, our stated ambition was to leverage our large scale battery expertise to support the grid and accelerate the energy transition. Little over a year later, that ambition continues to become reality as we prepare to deliver our fourth facility at Roaring Hill,” Mr Woitiez said.
“We are pleased that Santander UK has once again recognised the value of our projects in increasing both the capacity of the grid and renewable’s share of it, as we help meet a critical need for the industry, homes, businesses and the planet.”
Mark Cumbo, Director, Specialised and Project Finance at Santander UK said: “Santander UK is proud to support TagEnergy with funding for another important project that will bring positive and sustainable environmental change to the UK’s energy sector.”
Roaring Hill, Hawkers Hill, Chapel Farm and Jamesfield, together with previously announced projects Lakeside in North Yorkshire and Pitkevy, in Scotland, take TagEnergy’s secured UK portfolio to date to 320MW/640MWh.
TagEnergy is a clean energy enterprise creating competitive clean power stations to accelerate the energy transition and help the world reach net-zero carbon emissions sooner.
Since its formation in 2019, TagEnergy has assembled a portfolio of close to 4GW based on solar, wind and battery storage technologies in the UK, Portugal, Spain, France and Australia. Its first renewable energy project to go online, Hawkers Hill Energy Park battery storage facility in the UK, began operating in 2022.
TagEnergy is controlled by the Impala SAS Group, supported by major investors Mirova and Omnes, and is operated by a team of entrepreneurs, all shareholders. Its operations span the renewables value chain, from development, financing, construction and asset management, to commercialisation of its competitive energy.