TPG Rise-backed Matrix Renewables has announced a £245m financing deal for its Scottish battery energy storage project. The renewable energy platform’s facility in Eccles-Leitholm is a transmission-connected 500MW project.
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The underwritten deal was financed by a banking consortium comprised of CIBC, MUFG Bank and NatWest. Nicolás Navas, the CFO at Matrix Renewables, says the project financing deal signals growing investor interest in energy storage.
“This £245 million financing underwritten by CIBC, MUFG, and NatWest reflects the strong and growing demand for high-quality battery storage assets and reinforces the strength of our UK platform”, he commented.
Matrix Renewables’ global core portfolio of 4GW is spread across the US (1.5GW), UK (1GW), Chile (0.4GW), Spain (0.8GW) and Italy (0.3GW). Its wider global portfolio of renewable energy projects has a combined capacity of over 15GW.
In 2025, the company marked its entry into the UK market with its Scottish energy storage portfolio.
In a statement, Matrix highlighted the project’s location – along transmission lines between Scotland and England. In recent years, as wind energy capacity in Scotland has expanded, so too have grid constraints and curtailment costs incurred in transmission.
Transmission constraints have contributed to the UK’s wholesale cost of electricity being exposed to gas prices, courtesy of marginal pricing mechanisms that markets rely on. Analysis by Ofgem suggests that increasing the share of battery storage could decrease the frequency of gas-driven prices.
In March this year, Matrix Renewables signed a long-term agreement battery optimisation deal with EDF for the Eccles project. Under the terms of the agreement, once the project is functional, EDF will provide ‘route-to-market’ services. The project is expected to enter commercial operations by third quarter, 2027.
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