December 4 (Renewables Now) - UK battery storage owner and operator Zenobe Energy Ltd has agreed a non-recourse GBP-25-million (USD 33m/EUR 30m) debt facility with Santander Corporate & Commercial to fund its growth plans.
Zenobe will use the capital to fund the behind-the-meter services it offers, to construct and/or buy new grid scale battery storage projects and provide services to the fleet vehicle sector.
The agreement makes Zenobe one of the first battery storage companies in the UK to successfully secure debt financing for projects trading on a predominantly merchant basis instead of longer term contracted income, according to the statement. Earlier in 2019, the company raised GBP 35 million in equity financing from Japanese power companies JERA Co Inc and TEPCO Power Grid Inc.
Zenobe is an energy storage firm with 73 MW of operational assets at nine sites, the largest being the 29-MW Aylesford facility. The company has developed the hardware and software capabilities to provide Fast Reserve services to the National Grid and offers flexible power solutions for charging electrical buses in depots.
PwC advised Zenobe on the debt agreement.
(GBP 1.0 = USD 1.3/EUR 1.2)