Pulse Clean Energy has secured £220 million from international banks in one of the UK’s largest private debt deals for battery storage infrastructure. The consortium includes Santander, NatWest, ABN AMRO, NORD/LB, Investec, and CIBC.
The green financing will fund the construction of six battery projects totalling over 700MWh across Scotland, Devon, Greater Manchester, and Wales. Four sites will convert former diesel generator locations. The deal also supports nine existing operational or late-stage sites.
During their operational life, the projects will generate over £200 million in gas and emissions savings for UK consumers whilst enabling greater renewable energy integration.
The financing marks growing commercial confidence in Britain’s battery storage sector. Pulse was previously backed by the National Wealth Fund in May 2023 – the fund’s first battery storage debt transaction. However, as the market has matured, strong commercial interest has allowed the government-backed fund to step back.
“This landmark investment reflects strong global confidence in the growing UK battery storage market and in Pulse Clean Energy’s ability to deliver at scale,” said Nicola Johnson, Chief Financial Officer of Pulse Clean Energy.
“These six facilities will not only strengthen grid resilience but also unlock significant cost savings for consumers by allowing more renewable power onto the grid and reducing the need for expensive backup power during peak periods.
“We’re proud to be at the heart of the UK’s energy networks – delivering critical infrastructure and turning former fossil fuel sites into energy assets which will enable a better energy system. With the backing of partners who share our long-term vision, we’re accelerating toward a future where energy is not only clean, but reliable and affordable for everyone.”
Britain’s National Energy System Operator forecasts the country needs at least 50GW of storage capacity by 2050 – requiring a four to five-fold increase by 2030 alone. Pulse Clean Energy plans 2GWh of operational capacity by 2030, positioning it to capture significant market share as the sector expands.