Merchant risk in energy storage project financing
UK energy storage funding is rapidly improving with £270M (US$337 million) of funding announced in November 2020 alone for two players, developer/integrator Zenobe and investment fund Gresham House Energy
UK Infrastructure Bank, Centrica & Partners Invest
The programme will set the bar for storage energy systems around the world, positioning the UK as the global leader in energy storage and flexibility. Highview Power will now also commence planning on the next four
Pacific Gas & Electric scores $15B conditional loan to
The LPO has been granted the authority to distribute hundreds of billions of dollars to innovative clean energy and advanced manufacturing projects. Through September 2024, the office reported financing nearly $44
LPO Announces Conditional Commitment to Eos
Today, the U.S. Department of Energy''s (DOE) Loan Programs Office (LPO) announced a conditional commitment to Eos Energy Enterprises, Inc. (Eos) for an up to $398.6 million loan guarantee for the construction of up
New announcements at COP29 power forward clean energy
Deployment of cheap solar and wind is surging towards the global goal of tripling renewable capacity and doubling energy efficiency by 2030 - with clean energy on course to meet half of all electricity demand worldwide. New actions announced today at COP29 in Baku have given the energy transition a further boost.
REA welcomes new DESNZ scheme to attract
''Cap and floor'' scheme will encourage long-duration energy storage (LDES) investment. Ofgem will act as regulator and delivery body and the scheme''s first round is expected to be open to applicants next year.
LPO Announces Conditional Commitment to Viejas
Today, the U.S. Department of Energy''s (DOE) Loan Programs Office (LPO) announced a conditional commitment for an up to $72.8 million partial loan guarantee to finance the development of a solar-plus long-duration
Singapore could expand SE Asia''s biggest BESS and
Energy storage developer NineDot has announced the closing of a US$65 million equipment financing supporting the purchase of up to 100MW/400MWh of batteries for use in up to 20 battery storage projects
Gore Street Energy Storage | The AIC
Gore Street Energy Storage Fund''s 100% subsidiary, Big Rock ESS Assets LLC, which owns the 200MW / 400MWh Big Rock project in California, has successfully completed the loan conversion process and upsized the facility from the initial $60.0 million to a $90.0 million facility with First Citizens Bank, following the project successfully completing
First Major Standalone Battery Storage Project in ISO-NE Closes Financing
Announcement marks the first major financing of a utility-scale project that will benefit from Clean Peak Energy Certificates (CPECs) in Massachusetts THE WOODLANDS, Texas, June 13, 2024 -- Today
Energy UK responds to Government announcement on long
" Energy UK welcomes today''s announcement of a cap and floor financing scheme to support long duration energy storage. By providing long-term certainty and
DOE Loans Office Will Support Solar, Energy Storage
The U.S. Department of Energy (DOE) Loan Programs Office (LPO) on July 18 announced a conditional commitment for a loan guarantee of up to $861.3 million to Clean Flexible Energy, []
First Major Standalone Battery Storage Project in ISO
Announcement marks the first major financing of a utility-scale project that will benefit from Clean Peak Energy Certificates (CPECs) in Massachusetts. THE WOODLANDS, Texas, June 13, 2024
UK Launches Cap and Floor Scheme to Support Energy Storage
The UK government announced today the launch of a new scheme aimed at helping to build long duration energy storage capacity by enabling investment in critical
Long-duration storage ''increasingly competitive
Some long-duration energy storage (LDES) technologies are already cost-competitive with lithium-ion (Li-ion) but will struggle to match the incumbent''s cost reduction potential. That''s according to BloombergNEF
UK Rolls Out Funding for Projects to Store Renewable
(Bloomberg) -- The UK government is launching a new funding program to unlock investment in long duration storage, a key part of its drive to optimize the expansion of renewable energy. Under the so-called cap and
SSE welcomes UK Government scheme unlocking investment in
SSE welcomes today''s announcement by the UK Government confirming its decision to finalise and implement a cap and floor investment framework to support the
Akaysha Energy Secures $650M | Largest
Akaysha Energy has today announced the closing of a A$650m debt raise with a group of eleven domestic and foreign banks. The financing will provide construction funding for Akaysha''s
LPO Announces Conditional Commitment to Pacific
Today''s announcement marks the second Energy Infrastructure Reinvestment (EIR) project under LPO''s flexible loan facility and disbursement approach tailored for regulated, investment-grade utilities. Electric utility borrowers for EIR projects must demonstrate that the financial benefits received from the DOE loan guarantee will be passed on to the customers of,
Zenobē secures over £1 billion of green debt funding
Nicholas Beatty, Founder and Director, Zenobē said: "We are committed to financing and delivering innovative and reliable electric fleet and energy storage solutions for our customers. This milestone is not just a win for
Bulgaria and Romania grant funding to gigawatts of
Also using the Recovery and Resilience facility, the Ministry of Energy of Romania has awarded grants to a handful of energy storage projects. Minister of Energy Sebastian Burduja yesterday (4 November) signed off
Wärtsilä sees ''favourable demand environment'' for energy storage
Wärtsilä''s energy storage division saw a 20% year-on-year increase in sales and a 31% increase in order intake from 2022 to 2023. Following Wärtsilä''s Q3 2023 announcement that it had surpassed a billion dollars in sales for the 12-month rolling period that preceded, the company proclaimed the ES&O division to have become profitable
Long-duration energy storage: House of Lords Committee report
Renewable energy generation can depend on factors like weather conditions and daylight hours. Long-duration energy storage technologies store excess power for long periods to even out the supply. In March 2024, the House of Lords Science and Technology Committee said increasing the UK''s long-duration energy storage capacity would support the
Energy storage 2022: biggest projects, financing and offtake deals
Crimson Energy Storage, the largest battery system to have been commissioned in 2022 at 1,400MWh. Image: Recurrent Energy. A roundup of the biggest projects, financing and offtake deals in the sector that Energy-Storage.news has reported on this year.. It''s been another landmark year for energy storage, part exemplified by the following news stories
RE+ energy storage product announcements roundup
With the RE+ clean energy expo in Las Vegas, US, coming to an end, we bring you a roundup of the major energy storage product announcements, including from Hithium, Sunwoda and Power Edison. With
Energy storage 2022: biggest projects, financing and offtake deals
A roundup of the biggest projects, financing and offtake deals in the sector that Energy-Storage.news has reported on this year. It''s been another landmark year for energy
financing Archives
We hear from battery energy storage system (BESS) investor BW ESS about its recent seven year tolling deal in the UK, the longest seen yet in the market. Aypa Power, Hunt Energy Network raise US$573 million for US BESS projects The US industry''s prolific recent run of developers raising significant financing continues with announcements
REA welcomes new DESNZ scheme to attract
In a major win for its members and the wider industry, the Association of Renewable Energy and Clean Technology (REA) welcomes DESNZ''s announcement that a ''cap and floor'' scheme will be implemented to
Eku Energy finances battery storage project in
Macquarie-backed Eku Energy has completed the financing on its first battery energy storage system (BESS) project in Japan. The pureplay energy storage developer, jointly owned by Australia''s Macquarie Asset Management (MAM) fund and Canada''s British Columbia Investment Management Corporation (BCI) made the announcement last week (2 July) via a
EU-Breakthrough Energy partnership invests €60
Energy Dome called the new investment "an endorsement" of its "ready-to-be-deployed, long-duration energy storage proposition," in an announcement sent to media including Energy-Storage.news. Energy Dome
Microsoft wants to replicate ''proven'' data
As reported by Energy-Storage.news last July, FlexGen secures US$75 million financing, focuses on increasing bankability. January 23, 2025. System integrator FlexGen Power Systems has secured a revolving
Gore Street gets US$80 million financing increase for
The transaction with First Citizens covers GSF''s first project in California, US, which it acquired from developer Avantus in February 2023. Called Big Rock, and owned by a GSF subsidiary, the investor closed a US$60
US DOE announces US$3.5 billion for battery
CEO Birger Steen, talking to Energy-Storage.news for an interview which will be published in the coming days, said project level financing for battery manufacturing in Europe was now much harder: "Most of these
First Major Standalone Battery Storage Project in ISO-NE Closes Financing
The Cranberry Point facility, under construction since December 2023, is the second largest and represents approximately a third of the Commonwealth''s goal to deploy 1,000 MWh of battery energy storage by 2025. The announcement marks the first major financing of a utility-scale project that will benefit from Clean Peak Energy Certificates
Debt facility increased to £50m | Company Announcement
Gore Street is London''s first listed energy storage fund and seeks to provide Shareholders with an opportunity to invest in a diversified portfolio of utility-scale energy storage projects. In addition to growth through exploiting its considerable pipeline, the Company aims to deliver consistent and robust dividend yield as income distributions to its Shareholders.
India''s Union Budget ''addresses energy
Minister of Finance Nirmala Sitharaman holds the budget''s iconic red cloth folder in 2021. Image: Gov''t of India Press Bureau. The Indian government''s decision to classify grid-scale energy storage as infrastructure
Work starts on 300MW/600MWh battery energy
The UK energy storage and e-mobility expert recently obtained a £235 million (US$284.8 million) long-term debt facility from five banks, which precedes the announcement. According to Zenobe, the new debt financing is
£30 million government boost to capture and store more
£32.9 million government funding awarded to projects across the UK to develop new energy storage technologies, such as thermal batteries and liquid flow batteries
6 FAQs about [Energy Storage Financing Announcement]
What's new in energy storage funding?
(Bloomberg) -- The UK government is launching a new funding program to unlock investment in long duration storage, a key part of its drive to optimize the expansion of renewable energy. Under the so-called cap and floor regime — already used for electricity interconnectors — energy storage developers will be guaranteed minimum revenues.
How much funding will UK energy storage projects receive in 2022?
This announcement follows the £32.8 million funding awarded to 5 UK energy storage projects across the country in November 2022 to create first-of-a-kind prototypes of their technology. A total of £69 million of funding has been awarded so far through this programme, helping to drive innovative technologies such as energy storage.
What is the long duration energy storage Investment Support Scheme?
Long Duration Electricity Storage investment support scheme will boost investor confidence and unlock billions in funding for vital projects. The UK is a step closer to energy independence as the government launches a new scheme to help build energy storage infrastructure.
How can the UK help build long-term energy storage capacity?
The UK government announced today the launch of a new scheme aimed at helping to build long duration energy storage capacity by enabling investment in critical infrastructure.
When will the 'long duration electricity storage' scheme be open?
The scheme’s first round is expected to be open to applicants next year. Beatrice Filkin, Director of Major Projects at Ofgem said: “We are pleased to see the government’s publication today on its plans for long duration electricity storage.
What does the Rea announcement mean for long-term energy storage (LDEs)?
The announcement follows a consultation on proposals to enable investment in LDES which closed in March 2024 and call for Evidence in 2023. It also finally delivers on the scheme which the REA originally advocated for in our 2021 Long Duration Energy Storage Report.