The financing was arranged as an underwritten deal by CIBC’s London branch, MUFG Bank and NatWest.
TPG Rise-backed Matrix Renewables has secured £245m ($331.7m) in non-recourse financing for a 500MW/1GW-hour battery energy storage system (BESS) in Eccles–Leitholm, southern Scotland.
The financing was arranged through an underwritten deal led by CIBC’s London branch, MUFG Bank and NatWest. NatWest is also serving as the facility agent for the transaction.
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Located strategically on transmission routes between Scotland and England, the Eccles facility aims to enhance grid flexibility and energy security while integrating renewable energy into the UK power network.
Construction started in November 2025 and operations are expected by the third quarter of 2027, in partnership with EDF.
The project is expected to boost local employment and stimulate the local economy during both its construction and operational phases.
Once completed, the Eccles BESS is expected to provide enough services to meet the annual electricity needs of around 270,000 households.
It is also projected to cut CO₂ emissions by approximately 170,000t per year, supporting the UK’s decarbonisation goals.
Matrix Renewables CFO Nicolás Navas said: “This £245m financing underwritten by CIBC, MUFG and NatWest reflects the strong and growing demand for high-quality battery storage assets and reinforces the strength of our UK platform.
“We are grateful for the continued support and partnership of our banking partners in bringing this project to a successful financial close.”
In pursuit of environmental and community standards, Matrix Renewables has engaged with local authorities and environmental bodies.
This development marks a significant milestone for the project and aligns with Matrix Renewables’ broader UK expansion strategy, which involves developing various storage and renewable projects.
Legal advisory services for Matrix were provided by A&O Shearman (London), while the lenders received legal advice from Watson Farley & Williams (London).
Enertis acted as the technical advisor and Aurora served as the market advisor.
Last month, Matrix signed a long-term battery optimisation agreement with EDF for the BESS.
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