Quinbrook secures record financing for UK solar project

Quinbrook Infrastructure Partners, led by Australian entrepreneur David Scaysbrook, has successfully secured financing for the Cleve Hill Solar Park, the largest solar plus battery storage project currently under construction in the United Kingdom. The record-breaking debt financing of up to £238.5 million marks a significant milestone for the project, which is the first of its kind to receive consent as a Nationally Significant Infrastructure Project in the UK.

Located in Kent, the 373MW solar park construction commenced in early 2023 and is progressing on schedule for completion later this year. Additionally, preparations for a 150MW battery energy storage system are underway and expected to be finished by April or May.

Key Project Details

The developers, Private Energy Partners, an affiliate of Quinbrook, have not disclosed the exact storage duration, with estimates ranging from 2 to 4.5 hours. The project’s financing structure includes a £218.5 million term loan and a £20 million VAT facility, provided by prominent British banks Lloyds and NatWest. This financing represents the largest ever secured for a solar plus battery storage project in the UK.

Keith Gains, the managing director and UK regional leader for Quinbrook, highlighted Cleve Hill as a blueprint for future large-scale projects in the UK aimed at supporting decarbonisation efforts, driving economic growth, and creating job opportunities within local communities. He praised the collaborative efforts of the Quinbrook and Private Energy Partners teams, along with their lending partners, in achieving this significant milestone.

Future Sustainability Initiatives

The Cleve Hill Solar Park sets a precedent for sustainable energy projects in the UK, showcasing the potential for similar developments to contribute towards the country’s environmental goals while fostering economic prosperity and community development.