Construction has recently started on a new energy storage project by TagEnergy in Fife. This facility, called Pitkevy, will have a capacity of 49.9MW/99.8MWh, making it the sixth battery energy storage system (BESS) project for TagEnergy in the UK. The project received financial backing through a £70 million non-recourse green loan package from Santander UK, Rabobank, and Triple Point, with the exception of Capacity Market revenues.
One interesting aspect of this project is that it is TagEnergy’s first split-contract venture. Tesla will be providing the Megapack 2 XL battery system, while contractor RJ McLeod will be responsible for the site works and installation of the battery containers. Additionally, Flexitricity will serve as a route to market and battery optimizer, while RES, an independent renewable energy company, will be the asset manager.
The financing package initially secured for TagEnergy’s Lakeside BESS project will also be used to incorporate Pitkevy into the funding structure. The debt arrangement for Lakeside involved IDCM as the financial advisor, TLT as the borrower legal advisor, Burges Salmon as the lender legal advisor, and several other organizations serving as advisors for insurance, energy analytics, technical matters, and more.
Franck Woitiez, the CEO of TagEnergy, expressed pride in securing this landmark debt package. He emphasized that the funding did not require a revenue floor, showcasing the innovative financing model used by TagEnergy. This new project will contribute to grid stability and accelerate the transition towards a net-zero energy landscape. With these advancements, TagEnergy is making significant strides in the UK’s clean energy sector.
Article Summary:
Construction has begun on a new energy storage project called Pitkevy in Fife by TagEnergy. The facility will have a capacity of 49.9MW/99.8MWh and is TagEnergy’s sixth battery energy storage system (BESS) project in the UK. The project received financial backing of £70 million from Santander UK, Rabobank, and Triple Point, excluding Capacity Market revenues.
FAQ Section:
1. What is the capacity of the Pitkevy energy storage project?
The Pitkevy energy storage project by TagEnergy will have a capacity of 49.9MW/99.8MWh.
2. How many battery energy storage system (BESS) projects has TagEnergy built in the UK?
Pitkevy will be TagEnergy’s sixth battery energy storage system project in the UK.
3. Which institutions provided financial backing for the Pitkevy project?
The Pitkevy project received £70 million financial backing from Santander UK, Rabobank, and Triple Point, excluding Capacity Market revenues.
4. Who is providing the battery system for the Pitkevy project?
Tesla will be providing the Megapack 2 XL battery system for the Pitkevy project.
5. Who is responsible for the site works and installation of the battery containers?
Contractor RJ McLeod will be responsible for the site works and installation of the battery containers for the Pitkevy project.
6. Who will serve as a route to market and battery optimizer for the project?
Flexitricity will serve as a route to market and battery optimizer for the Pitkevy project.
7. Which company will be the asset manager for the Pitkevy project?
RES, an independent renewable energy company, will be the asset manager for the Pitkevy project.
8. How was the financing package for the Pitkevy project structured?
The financing package for the Pitkevy project was incorporated into the funding structure of TagEnergy’s Lakeside BESS project. The debt arrangement for Lakeside involved multiple organizations serving as advisors for insurance, energy analytics, technical matters, and more.
9. Who is the CEO of TagEnergy?
Franck Woitiez is the CEO of TagEnergy.
10. What is the impact of the new project on TagEnergy and the UK’s clean energy sector?
The new Pitkevy project will contribute to grid stability and accelerate the transition towards a net-zero energy landscape, showcasing TagEnergy’s significant strides in the UK’s clean energy sector.
Key Terms:
– Battery Energy Storage System (BESS): A system that stores electrical energy using rechargeable batteries.
– Route to Market: A process or entity that connects energy storage projects to markets where the stored energy can be sold or utilized.
– Asset Manager: A company or organization responsible for managing and optimizing the performance of energy assets, including storage systems.
Related Links:
– TagEnergy Official Website
– Santander UK
– Rabobank
– Triple Point
– Tesla Official Website
– RJ McLeod Official Website
– Flexitricity Official Website
– RES Official Website
The source of the article is from the blog jomfruland.net