January 17 (Renewables Now) - UK firm Battery Energy Storage Solutions Ltd (BESS) has received funds from a unit of Spanish bank Santander (MCE:SAN) to back its 100-MW grid-scale battery storage target by end-2018.
Santander Corporate & Commercial will provide total financing of GBP 28.5 million (USD 39.3m/EUR 31.2m) in a combination of debt and equity, BESS said earlier in January.
BESS was set up in March 2017 and by the end of the same year had 14 MW of grid-scale battery storage capacity in its portfolio, either working in combination with solar plants or directly connected to the grid. By the end of the current month, the company will add 49 MW more, expanding its total portfolio to 63 MW across eight sites.
Howard Whitehead, Head of Infrastructure & Renewable Energy at Santander Corporate & Commercial, noted that project finance for battery storage represents a new niche market segment. BESS co-founder Nicholas Beatty said that energy storage is becoming very important for balancing power supply and demand as “the pace of transition to a low carbon power system brings with it challenges for the National Grid in balancing the network and ensuring supply and demand is matched on a second by second basis,” says .
(GBP 1.0 = USD 1.379/EUR 1.127)