NatPower UK has announced a financing deal worth up to £60 million with Kommunalkredit, a leading European infrastructure bank. This significant agreement demonstrates strong market confidence in NatPower UK’s ambitious strategy and its 80GWh portfolio of battery storage projects, including long-duration energy storage (LDES).
The deal marks a pivotal moment for the development of battery storage in the UK, with long-duration energy storage set to play an increasingly vital role in the country’s transition to cleaner energy. As more renewable energy sources are integrated into the grid and intermittent demand grows, the need for large-scale energy storage solutions has never been greater. Batteries, especially those capable of long-duration storage, will enable the retention of clean energy during periods of low demand for use during peak times. In doing so, they will reduce the nation’s reliance on imported gas and help to lower energy costs.
NatPower UK’s innovative GigaPark approach, combined with Kommunalkredit’s proven expertise in infrastructure financing, represents a significant step forward in how large-scale energy projects can be funded and delivered. The agreement signals an exciting shift in the landscape of UK battery storage development.
As the UK’s largest battery storage pipeline owner, NatPower UK boasts a series of ambitious projects, including three 1GW GigaParks in North Yorkshire and Tees Valley. These projects represent a total of 100GWh in various stages of development, cementing NatPower UK’s leadership in the sector.
Stefano D. M. Sommadossi, CEO of NatPower UK, commented on the deal:
“The UK’s energy transition presents massive opportunities for economic growth, creating thousands of green jobs, fostering sustainable communities, lowering energy bills, and attracting a significant portion of the global investments pouring into the sector each year. As we adapt the UK’s energy grid to connect more renewable projects, the acceleration of private capital will be key to meeting the pace of this transformation. Our partnership with Kommunalkredit is a clear indication of the growing confidence in the UK’s energy transition and in NatPower UK’s strategy for delivering these projects.”
Sommadossi added, “We’re excited to continue leading the way alongside our investors and partners, including Kommunalkredit, as we bring our GigaParks to life. Not only will these projects help save the UK billions in curtailment costs, but they will also solidify the nation’s position as a global clean energy powerhouse.”
David Prat, Senior Transactor at Kommunalkredit, also shared his excitement about the deal:
“This financing represents a landmark moment in the UK’s battery storage market, and we are thrilled to support NatPower UK. Their deep expertise, mission-driven approach, and rapid execution have made a lasting impression on us. As a leading European infrastructure bank with a strong focus on the energy transition, Kommunalkredit is proud to contribute to the UK’s clean energy goals.”
