Fidra Energy reaches financial close on 3.1 GWh UK BESS

European BESS developer Fidra Energy has secured GBP 445 million in new equity to reach financial close on a 1.4 GW/3.1 GWh project under development in Doncaster, England.

Construction at Thorpe Marsh BESS is set to begin immediately and the project is expected to be operational in mid-2027. The utility-scale battery storage project is on course to be the largest in the United Kingdom and among the largest in Europe, once completed. The project is being developed on a former coal station site, next to an existing National Grid substation.

The GBP 445 million equity investment was provided by Fidra Energy’s founding investor EIG, and the UK government-owned National Wealth Fund (NWF). Thorpe Marsh will also be funded by new loan facilities of GBP 594 million from a club of international lenders, according to EIF.

Offtake agreements have already been secured for the project, including agreements with EDF, Octopus Energy and Statkraft, which cover around 80% of capacity. Thorpe Marsh has also been awarded a state-backed capacity market contract commencing in October 2028.

Supply partners for the Thorpe Marsh projects include Sungrow, which will supply its Power Titan 2.0 batteries, H&MV Engineering who will act as principal designer and contractor, and Jones Bros Civil Engineering UK – the main contractor undertaking civil and drainage works at the site.

The latest equity investment in Fidra Energy will also help finance other projects, according to EIG, including a 500MW/1,100 MWh BESS project in Nottinghamshire, England.

In a press release, Fidra Energy CEO Chris Elder described reaching financial close for Thorpe Marsh as a “huge achievement.”

“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.”

UK government Energy Secretary Ed Miliband added it was “fantastic” to see National Wealth Fund investment “breathing new life into a former coal site.”

“Every battery we build boosts Britain’s energy security, reduces our exposure to fossil fuel price shocks and drives us towards clean power by 2030,” Miliband said.

Headquartered in Edinburgh, Scotland, Fidra Energy was launched in 2024 by Washington-based investment firm EIG Global Energy Partners. Fidra Energy is developing three of the largest battery energy storage sites in the United Kingdom and aims to have a 10 GW portfolio across UK and European markets by 2030.