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The Jamesfield development is a joint venture with Harmony Energy, following TagEnergy's acquisition of a 60% stake in the project in November 2021.Santander UK is supporting the green energy initiative with £12.5m funding.
Jamesfield will use a system of Tesla Megapack lithium-ion batteries, together with Tesla’s Autobidder AI software for real-time trading and control. It is expected to be operational in Q4 2023, with leading independent renewable energy company RES as asset manager.
Franck Woitiez, Chief Executive Officer, TagEnergy said commencement of construction of TagEnergy’s third battery energy storage facility in the UK reinforced its commitment to driving the shift to a clean energy future.
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"This is another important milestone in TagEnergy's growth in the UK as we leverage our strong storage expertise to support the UK grid and propel the nation to net-zero carbon emissions by connecting more competitive renewable power," Mr Woitiez said.
"We are excited to enter this next phase in the project in partnership with Harmony Energy and with the support of Santander UK as we grow our UK footprint to accelerate the energy transition," he said.
Mark Cumbo, Director, Specialised and Project Finance at Santander UK said: "Santander UK is delighted to provide funding for this project, which marks an important contribution to the UK’s ability to produce a reliable flow of electricity from renewable sources.
"It follows the funding we provided TagEnergy in 2021 to support Hawkers Hill Energy Park in Dorset, and to TagEnergy and Harmony Energy in 2022 for Chapel Farm near Luton. Santander UK strongly supports clients such as TagEnergy and Harmony Energy that are bringing additional capacity to enable greater contribution from renewables to the UK’s energy sector," Mr Cumbo said.
Peter Kavanagh, CEO, Harmony Energy said: "We have been working on this site for over four years and are delighted to be progressing to this next stage with TagEnergy, following our partnership which was announced in 2021. Securing debt funding from Santander UK demonstrates a growing appetite from institutions to support battery developments and we look forward to working with it."
