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The funding supports the construction and operation of two landmark battery storage facilities: the 49.9MW/100MWh Roaring Hill development in Fife, Scotland; and the 49MW/98MWH Jamesfield development near Abernethy, Scotland.
Roaring Hill, which is expected to begin operating in 2024, is the fourth TagEnergy battery storage facility to be supported by Santander UK funding.
The Jamesfield development is a joint venture with Harmony Energy – a leading UK developer, owner and operator of utility-scale battery energy storage – which Santander UK is supporting with £12.5m funding. Both facilities will use a system of Tesla Megapack lithium-ion batteries, together with Tesla’s Autobidder AI software, for real-time trading and control.
TLT also acted on TagEnergy’s first two UK projects funded by Santander UK - Hawkers Hill Energy Park in Dorset, England, and Chapel Farm near Luton.
The TLT team advising Santander UK, with cross-service and cross-jurisdiction expertise, on the deals were led by banking partner Gary Roscoe, alongside Emily Huish, Catharine MacDonald, Becky Panton (banking) and Joanna Hamilton (real estate).
Claire Heaton, Associate Director, Specialised and Project Finance, Santander UK, said: “Santander UK is delighted to provide funding for these battery storage projects which will provide an important contribution to the UK’s ability to produce a reliable flow of electricity from renewable sources. We are grateful to TLT for its support on these funding transactions.”
Gary Roscoe, partner at UK law firm TLT, commented: “We’re pleased to be continuing our work with Santander UK, supporting it to provide funding for the battery storage sector. The Roaring Hill and Jamesfield developments will be the third and fourth TagEnergy battery storage facilities to receive funding from Santander UK, reflecting the continued appetite to support this market.”
21 February 2023
Insights 12 DECEMBER 2022