German bank NORD/LB has provided £52.5m in financing to support upgrades to Welsh grid infrastructure. The bank is funding Pulse Clean Energy’s Upper Boat synchronous condenser project in South Wales. The deal marks the largest financing for a single synchronous condenser project in the UK to date.
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Pulse Clean Energy, a London-based developer and owner of utility-scale battery storage assets, will use the funding to support growth across its Battery Energy Storage Systems (BESS) pipeline.
Synchronous condensers play a key role in modern electricity networks by providing the stabilising services traditionally delivered by large fossil fuel power stations, including voltage control, inertia and fault current support, without burning fuel or producing direct emissions.
Upper Boat is currently under construction, with energisation of the first of two connections expected later this year. The project forms part of the National Energy System Operator’s Pathfinder 3 programme, which was established to procure critical grid stability services from the market.
“We’re deeply honoured to be continuing our partnership with Pulse Clean Energy by financing the Upper Boat synchronous condenser project in South Wales,” said Niels Jakeman. “Having worked together on a number of transactions, it’s great to build on that relationship with an impactful project like this. Synchronous condensers have an important role to play in supporting grid stability alongside growing renewable capacity, and we’re proud to be backing infrastructure that will help enable a more resilient, lower-carbon energy system in the UK.”
Headquartered in Lower Saxony, Germany, commercial bank NORD/LB has emerged as a key financier of energy transition infrastructure across Europe. Among others, it has provided funding for solar farms in Yorkshire, Norfolk, Latvia, Sweden and Italy.
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