Fidra Energy has successfully reached financial close on its ambitious Thorpe Marsh Battery Energy Storage System (BESS) project, securing £445 million in financing. This monumental deal is another significant step forward for the country’s energy transformation. Once finished in mid-2027, Thorpe Marsh will be the biggest battery storage site in the United Kingdom.
The facility is expected to provide a capacity of 1.4 gigawatts and 3.1 gigawatt-hours. Upon completion, it’s estimated to produce more than two million megawatt-hours of energy annually – enough to supply over 785,000 homes with electricity. The UK government backs the project with a 15-year capacity market award. Beyond providing immediate support, starting in October 2028, this support fosters the project’s long-term success and enhances the nation’s energy landscape.
A Major Step Forward for Energy Storage
The Thorpe Marsh project is already on pace to be a key player in improving the UK’s energy independence and stability. Its capacity to store and dispatch renewable energy aligns with the country’s clean energy ambitions, making it one of the most exciting infrastructure projects worldwide.
Chris Elder, CEO of Fidra Energy, expressed his enthusiasm for the project’s progress:
“Reaching financial close for Thorpe Marsh is a huge achievement for Fidra Energy. Thorpe Marsh is one of the most exciting infrastructure projects in the world and a landmark transaction in the energy sector. The investment by EIG and the NWF is testament to the outstanding team at Fidra and everyone who has supported us on the project.”
While this large joint project is special in and of itself, its significance stretches beyond its literal, massive size. It’s an incredible opportunity to improve grid stability. The new energy storage capabilities that will be provided by Thorpe Marsh will help enable even more renewable energy sources to be connected to the national grid.
Strong Partnerships Fuel Financing
The final financial close involves an unspecified equity investment and £594 million in probable loan facilities from a group of international lenders. This collaboration is a further testament to the growing recognition that energy storage technologies are foundational elements of the next energy infrastructure.
Walid Mouawad, managing director and global head of energy transition at EIG, highlighted the importance of collaboration in advancing such projects:
“EIG is pleased to support the development of the Thorpe Marsh BESS project. We are also thrilled to welcome the National Wealth Fund as our partner in Fidra Energy, which builds on our platform strategy of identifying market opportunities.”
The other major player has been the National Wealth Fund (NWF). Ian Brown, interim CEO of NWF, noted:
“The NWF is set to play a meaningful part in helping the UK achieve its clean energy ambitions, through our support for this and other key projects. Our investment highlights our role as a significant player in the storage sector, and, working alongside EIG and Fidra, we’re helping to provide the finance needed to deliver large-scale battery assets to improve grid stability and further enhance the UK’s energy independence.”
Future Prospects and Impact
With the Thorpe Marsh project, we are bringing some of the world’s most advanced energy storage technology to the UK. As construction advances, it’s scheduled to be done by the summer of 2027. Its roll-out is already expected to quadruple the UK’s energy capacity. Besides this, it will be used as a demonstration project for other infrastructure improvements throughout the industry.
