Global clean energy enterprise Tag Energy has continued its UK market growth with construction commencing on a 49.5MW/99MWh standalone energy storage system near Luton, England, following funding from Santander UK.
The £30m Chapel Farm development is a joint venture with Yorkshire-headquartered 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.
Chapel Farm 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 Q1 2023, with leading independent renewable energy company RES as asset manager.
Franck Woitiez, Chief Executive Officer, TagEnergy said commencement of construction of TagEnergy’s second battery energy storage facility in the UK reinforced its commitment to supporting the shift to a clean energy future. "This is an important milestone in TagEnergy’s growth in the UK as we leverage our strong storage expertise to support the UK grid through connecting more sustainable, competitive and clean power. We are excited to enter this next phase in the project in partnership with Harmony Energy and with the support of Santander as we grow our UK footprint to accelerate the energy transition,” Mr Woitiez said.
Mark Cumbo, Director, Specialised and Project Finance at Santander UK said: “Santander UK is delighted to support TagEnergy and Harmony Energy with 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 last year to enter the UK market with Hawkers Hill Energy Park. Santander UK strongly supports clients such as TagEnergy that are bringing positive environmental change to the UK’s energy sector.”
Peter Kavanagh, CEO, Harmony Energy said: “We are delighted to be progressing this site with TagEnergy. Securing debt funding from Santander UK demonstrates a growing appetite from institutions to support battery developments and we look forward to working with them.”
Chapel Farm is the second TagEnergy investment in battery storage facilities in the UK to reach financial close following its entry into the UK market in 2021. Construction of its first project, Hawkers Hill Energy Park in Dorset, began in September 2021. Chapel Farm and Hawkers Hill, together with previously announced projects
Roaring Hill in Fife, Scotland, a second joint venture with Harmony Energy, Jamesfield Farm near Abernethy, Scotland, and Lakeside in North Yorkshire take TagEnergy’s secured portfolio in the UK to date to 270MW/540MWh.
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TagEnergy is a clean energy enterprise for a new cycle in the renewable energy industry. It was formed in 2019 to accelerate the energy transition by developing and investing in competitive and clean power stations in order to compete directly and actively on the energy markets. TagEnergy is part of the Jacques Veyrat-owned Impala SAS group (www.impalasas.fr) and is operated by a highly experienced team of manager-shareholders. Its operations span the renewables value chain, from development, financing, construction and asset management of wind, solar and storage projects, to commercialisation of its competitive energy. TagEnergy’s three-pronged integrated approach comprises:
- Creating opportunities for the development, construction and management of competitive projects involving large-scale renewable energy generation or storage infrastructure.
- Producing competitive energy through its clean power stations.
- Managing the commercialisation of that energy to optimise value.
TagEnergy has developed a portfolio of more than 2GW of Storage, Solar and Wind projects in the UK, Australia, Spain, Portugal and France, and intends to drive the pace of transition through projects that deliver reliable energy
affordably, and at scale. www.tag-en.com
Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. At 31 December 2021, the bank had around 19,200 employees and serves around 14 million active customers, via a nationwide branch network, telephone, mobile and online banking. Santander UK is subject to the full supervision of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in the UK. Santander UK plc customers’ eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) in the UK.
Banco Santander (SAN SM, STD US, BNC LN) is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in the Europe, North America and South America regions, and is one of the largest banks in the world by market capitalization. Its purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising over €120 billion in green financing between 2019 and 2025, as well as financially empowering more than 10 million people over the same period. At the end of 2021, Banco Santander had €1.15 trillion in total funds, 153 million customers, of which 25.4 million are loyal and 47.4 million are digital, 9,900 branches and 197,000 employees.