RNA-Energy announces funding completion on 99MW of battery storage projects
RNA-Energy Ltd (RNA) is pleased to announce that its partnership with Nippon Koei Energy Europe (NKEE) has successfully reached financial close on two 49.5MW battery energy storage projects located on the outskirts of London.
The projects are due to start construction in Q1 2022.
The two projects were developed by RNA and subsequently contributed into the joint venture with NKEE alongside equity co-investment from Fuyo General Lease Co, Tess Engineering Co, Tokyo Century Co, Toshiba Mitsubishi Electric Industrial Systems Co (TMEIC) and Nippon Koei Co.
Closing the financing for the two projects, which included a significant debt package, is one of the largest battery storage investments in the UK sector and reaffirms RNA’s position as a leading energy storage and renewables platform with a deep, high quality, proprietary project pipeline.
Roger Ammoun, Chief Executive of RNA-Energy said: “Our partnership with NKEE has delivered a ground-breaking funding package for battery storage systems. Despite the difficulties of funding this type of project in the UK in recent years, we are delighted that we have finally reached this important milestone. It is testament to the hard work and commitment from all parties involved and our strong conviction of the attractiveness of the sector”
“The RNA team has demonstrated unparalleled capabilities in developing assets from a standing start and we are delighted that our ambitions of being an owner and operator of storage and renewable assets is being realised.”
“With the rate of growth in the UK storage market set to increase – in response to more intermittent renewable energy and the crucial importance of grid balancing services – RNA is working hard to expand its portfolio of both generation and storage assets in the coming years and establish itself as a leading player in delivering the net-zero projects of the future”
RNA, on behalf of RNKU UK Investments, would like to take this opportunity to thank our partners Nippon Koei, the co-investor consortium and our UK advisers (EY, Baker Botts and BNY Mellon) for their hard work and support in bringing these projects to financial close.