A huge congratulations to Varco Energy on securing a £58 million debt financing facility with Natwest to fund its pipeline of Battery Energy Storage Systems (BESS).
The financing will support Varco in the development of two BESS assets with a combined capacity of 114 MW; Native River, a 57MW/138MWh transmission connected BESS south of Liverpool, and Sizing John, a 57MW/138MWh BESS south of St Helens, are expected to be operational in the last quarter of 2024. Once complete, both projects will play a key role in supporting the UK’s decarbonisation goals by enabling a higher injection of renewable generation across the UK electricity system, while providing localised balancing and stability services to the National Grid system operator.
Fichtner is delighted to have supported Varco (an Adaptogen Capital funded company) by providing technical advice towards securing this debt financing facility and we look forward to working with the team through the construction phase of both BESS facilities as the technical advisor to its Lender.
For more information, head over to the full press release from Varco below: