{"id":105694,"date":"2023-01-30T11:24:33","date_gmt":"2023-01-30T11:24:33","guid":{"rendered":"https:\/\/alj.com\/?post_type=news&#038;p=105694"},"modified":"2023-04-17T11:20:01","modified_gmt":"2023-04-17T11:20:01","slug":"abdul-latif-jameel-energys-frv-achieves-financial-close-for-two-of-its-uk-battery-storage-projects","status":"publish","type":"news","link":"https:\/\/alj.com\/en\/news\/abdul-latif-jameel-energys-frv-achieves-financial-close-for-two-of-its-uk-battery-storage-projects\/","title":{"rendered":"Abdul Latif Jameel Energy\u2019s FRV achieves financial close for two of its UK battery storage projects"},"content":{"rendered":"<ul>\n<li>Fotowatio Renewable Ventures (FRV) has completed the simultaneous financial close of its battery energy storage (BESS) projects, Contego and Clay Tye, with the latter being one of the largest BESS in the UK.<\/li>\n<li>The USD $75 million (UK \u00a361 million) financing of the BESS projects was carried out by Natixis CIB UK.<\/li>\n<li>The transaction is a major milestone for FRV as it is the largest project finance executed on a full merchant battery portfolio in Europe to date.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/frv.com\/\">Fotowatio Renewable Ventures<\/a> (FRV), a leading developer of sustainable energy solutions, and part of <a href=\"https:\/\/www.alj.com\/en\/energy-and-environmental-services\/energy-overview\/\">Abdul Latif Jameel Energy<\/a>, has completed the financial close for two of its battery energy storage projects (BESS), Contego and Clay Tye, located in the United Kingdom in West Sussex and Essex.<\/p>\n<p>The transaction is a major milestone for FRV as it is the largest project finance executed on a full merchant battery portfolio in Europe to date. The financing was carried out by Natixis CIB UK under the project finance modality, with an amount reaching USD $75 million (UK \u00a361 million), more than 60% of the cost of the projects.<\/p>\n<div style=\"width: 640px;\" class=\"wp-video\"><!--[if lt IE 9]><script>document.createElement('video');<\/script><![endif]-->\n<video class=\"wp-video-shortcode\" id=\"video-105694-1\" width=\"640\" height=\"360\" poster=\"https:\/\/media.alj.com\/app\/uploads\/2023\/01\/Poster-Image-Clay-Tye-Contego-Financial-Close.jpg\" preload=\"metadata\" controls=\"controls\"><source type=\"video\/mp4\" src=\"https:\/\/media.alj.com\/app\/uploads\/2023\/01\/Abdul-Latif-Jameel-Energy-FRV-celebrate-financial-closes-of-Clay-Tye-Contgeo-BESS-EN-VO-Subs-C.mp4?_=1\" \/><a href=\"https:\/\/media.alj.com\/app\/uploads\/2023\/01\/Abdul-Latif-Jameel-Energy-FRV-celebrate-financial-closes-of-Clay-Tye-Contgeo-BESS-EN-VO-Subs-C.mp4\">https:\/\/media.alj.com\/app\/uploads\/2023\/01\/Abdul-Latif-Jameel-Energy-FRV-celebrate-financial-closes-of-Clay-Tye-Contgeo-BESS-EN-VO-Subs-C.mp4<\/a><\/video><\/div>\n<p>With an output of 99 MW, Clay Tye has a capacity of 198 MWh, using 52 Tesla Megapack lithium-ion batteries and is one of the largest BESS projects in the UK. Contego, meanwhile, uses 28 Tesla Megapack batteries and has an output of 34 MW and a capacity of 68 MWh. In total, FRV already has more than 5 GW of battery storage projects under development in the UK.<\/p>\n<p><a href=\"https:\/\/eur03.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fwww.alj.com%2Fen%2Four-people%2Ffady-jameel%2F&amp;data=05%7C01%7Calnuaimisi%40alj.com%7Cb367497b142c42fc1ffe08daddd73d66%7C8b5f60ace4204280b0a50d6fd7eaf2d7%7C0%7C0%7C638066213772513674%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&amp;sdata=wn65%2FtdChaawWWKJ2Vg5wde5NgudSC%2B%2FfEc2MrAzu%2Bk%3D&amp;reserved=0\">Fady Jameel<\/a>, Deputy President and Vice Chairman, Abdul Latif Jameel said:<\/p>\n<blockquote>\n<p><em>\u201cReaching this financial close marks another milestone in our commitment to developing the UK\u2019s renewable energy sector and supporting the realization of the country\u2019s ambitions towards reaching net\u00a0zero emissions by 2050. This significant achievement further promotes our position as a trusted partner that is leading the sector\u2019s transformation around the world, while we make impressive progress in expanding our portfolio of BESS projects in the UK and globally.\u201d<\/em><\/p>\n<\/blockquote>\n<p>David Men\u00e9ndez, Managing Director of FRV UK said:<\/p>\n<blockquote>\n<p><em>&#8220;The financial closing of this portfolio adds another milestone to our growth objective in the UK\u2019s BESS market, strengthening the sustainability of the business model in the long term and promoting our position as leaders in this industry.&#8221;<\/em><\/p>\n<\/blockquote>\n<p>Pascal Soldaini, Managing Director and Head of the Infrastructure &amp; Energy Finance of Natixis CIB UK, comments:<\/p>\n<blockquote>\n<p><em>&#8220;One of the focuses of Natixis CIB strategy is to finance the energy transition and increase our Green Loan origination, while supporting our core clients. BESS are a requirement to be able to reach the UK decarbonization objectives, as they will allow further penetration of renewable energy in the UK energy mix while partially addressing the structural imbalances in the UK grid. This transaction is an example of innovative financing structured by Natixis and adjusted to BESS business model. It is another illustration of our close collaboration with FRV, an international leader in sustainable energy production as well as a proven successful BESS manager. We are keen to support this growing BESS sector, with an initial focus on the UK, Australia, the US and Europe&#8221;.<\/em><\/p>\n<\/blockquote>\n<p>During 2022, Contego and Holes Bay, two of FRV&#8217;s battery plants in the UK, have been the best performing battery assets in the country according to the data analysis monitoring tool Modo Energy.<\/p>\n","protected":false},"featured_media":105695,"template":"","tags":[],"newscategory":[149],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FRV Achieves Financial Close | Abdul Latif Jameel\u00ae<\/title>\n<meta name=\"description\" content=\"Abdul Latif Jameel Energy\u2019s FRV achieves financial close for two of its battery energy storage (BESS) projects, Contego and Clay Tye in the UK. Learn more.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alj.com\/en\/news\/abdul-latif-jameel-energys-frv-achieves-financial-close-for-two-of-its-uk-battery-storage-projects\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FRV Achieves Financial Close | Abdul Latif Jameel\u00ae\" \/>\n<meta property=\"og:description\" content=\"Abdul Latif Jameel Energy\u2019s FRV achieves financial close for two of its battery energy storage (BESS) projects, Contego and Clay Tye in the UK. Learn more.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/alj.com\/en\/news\/abdul-latif-jameel-energys-frv-achieves-financial-close-for-two-of-its-uk-battery-storage-projects\/\" \/>\n<meta property=\"og:site_name\" content=\"Abdul Latif Jameel\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Abdul.Latif.Jameel.Official\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-17T11:20:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/media.alj.com\/app\/uploads\/2023\/01\/FRV-BESS-LI.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/alj.com\/en\/news\/abdul-latif-jameel-energys-frv-achieves-financial-close-for-two-of-its-uk-battery-storage-projects\/\",\"url\":\"https:\/\/alj.com\/en\/news\/abdul-latif-jameel-energys-frv-achieves-financial-close-for-two-of-its-uk-battery-storage-projects\/\",\"name\":\"FRV Achieves Financial Close | Abdul Latif Jameel\u00ae\",\"isPartOf\":{\"@id\":\"https:\/\/alj.com\/en\/#website\"},\"datePublished\":\"2023-01-30T11:24:33+00:00\",\"dateModified\":\"2023-04-17T11:20:01+00:00\",\"description\":\"Abdul Latif Jameel Energy\u2019s FRV achieves financial close for two of its battery energy storage (BESS) projects, Contego and Clay Tye in the UK. Learn more.\",\"breadcrumb\":{\"@id\":\"https:\/\/alj.com\/en\/news\/abdul-latif-jameel-energys-frv-achieves-financial-close-for-two-of-its-uk-battery-storage-projects\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/alj.com\/en\/news\/abdul-latif-jameel-energys-frv-achieves-financial-close-for-two-of-its-uk-battery-storage-projects\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/alj.com\/en\/news\/abdul-latif-jameel-energys-frv-achieves-financial-close-for-two-of-its-uk-battery-storage-projects\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/alj.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"News\",\"item\":\"https:\/\/alj.com\/en\/news\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Abdul Latif Jameel Energy\u2019s FRV achieves financial close for two of its UK battery storage projects\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/alj.com\/en\/#website\",\"url\":\"https:\/\/alj.com\/en\/\",\"name\":\"Abdul Latif Jameel\",\"description\":\"Abdul Latif Jameel\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/alj.com\/en\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FRV Achieves Financial Close | Abdul Latif Jameel\u00ae","description":"Abdul Latif Jameel Energy\u2019s FRV achieves financial close for two of its battery energy storage (BESS) projects, Contego and Clay Tye in the UK. Learn more.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/alj.com\/en\/news\/abdul-latif-jameel-energys-frv-achieves-financial-close-for-two-of-its-uk-battery-storage-projects\/","og_locale":"en_US","og_type":"article","og_title":"FRV Achieves Financial Close | Abdul Latif Jameel\u00ae","og_description":"Abdul Latif Jameel Energy\u2019s FRV achieves financial close for two of its battery energy storage (BESS) projects, Contego and Clay Tye in the UK. Learn more.","og_url":"https:\/\/alj.com\/en\/news\/abdul-latif-jameel-energys-frv-achieves-financial-close-for-two-of-its-uk-battery-storage-projects\/","og_site_name":"Abdul Latif Jameel","article_publisher":"https:\/\/www.facebook.com\/Abdul.Latif.Jameel.Official","article_modified_time":"2023-04-17T11:20:01+00:00","og_image":[{"width":1200,"height":627,"url":"https:\/\/media.alj.com\/app\/uploads\/2023\/01\/FRV-BESS-LI.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/alj.com\/en\/news\/abdul-latif-jameel-energys-frv-achieves-financial-close-for-two-of-its-uk-battery-storage-projects\/","url":"https:\/\/alj.com\/en\/news\/abdul-latif-jameel-energys-frv-achieves-financial-close-for-two-of-its-uk-battery-storage-projects\/","name":"FRV Achieves Financial Close | Abdul Latif Jameel\u00ae","isPartOf":{"@id":"https:\/\/alj.com\/en\/#website"},"datePublished":"2023-01-30T11:24:33+00:00","dateModified":"2023-04-17T11:20:01+00:00","description":"Abdul Latif Jameel Energy\u2019s FRV achieves financial close for two of its battery energy storage (BESS) projects, Contego and Clay Tye in the UK. Learn more.","breadcrumb":{"@id":"https:\/\/alj.com\/en\/news\/abdul-latif-jameel-energys-frv-achieves-financial-close-for-two-of-its-uk-battery-storage-projects\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/alj.com\/en\/news\/abdul-latif-jameel-energys-frv-achieves-financial-close-for-two-of-its-uk-battery-storage-projects\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/alj.com\/en\/news\/abdul-latif-jameel-energys-frv-achieves-financial-close-for-two-of-its-uk-battery-storage-projects\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/alj.com\/en\/"},{"@type":"ListItem","position":2,"name":"News","item":"https:\/\/alj.com\/en\/news\/"},{"@type":"ListItem","position":3,"name":"Abdul Latif Jameel Energy\u2019s FRV achieves financial close for two of its UK battery storage projects"}]},{"@type":"WebSite","@id":"https:\/\/alj.com\/en\/#website","url":"https:\/\/alj.com\/en\/","name":"Abdul Latif Jameel","description":"Abdul Latif Jameel","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/alj.com\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"}]}},"post-meta-fields":{"push_notification":["no"],"_push_notification":["field_5c3b1fb67034d"],"_wpml_word_count":["{\"total\":653,\"to_translate\":{\"ar\":653,\"zh-hans\":653,\"fr\":653,\"ja\":653,\"es\":653,\"tr\":653}}"],"_edit_lock":["1681730272:25"],"_edit_last":["25"],"_wpml_media_featured":["1"],"_wpml_media_duplicate":["1"],"_thumbnail_id":["105695"],"news_slider_short_title":["FRV financial close for two UK BESS projects"],"news_summary":["<p>Abdul Latif Jameel Energy\u2019s FRV achieves financial close for two of its UK battery storage projects<\/p>\n"],"news-location":["London, UK"],"wpcf-featured-news":["0"],"wpcf-featured-on-news-page":["0"],"publish_mobile":["a:1:{i:0;s:3:\"yes\";}"],"_publish_mobile":["field_5bfa8eb2e65cf"],"mobile_featured_image":["https:\/\/media.alj.com\/app\/uploads\/2023\/01\/CONTEG1-scaled.jpg"],"_mobile_featured_image":["field_5c3b204983dea"],"featured_on_listing_page":["0"],"_featured_on_listing_page":["field_62458ea7383c3"],"content_series_applied":[""],"_content_series_applied":["field_60f3d3faf82ac"],"wpcf-show-at-homepage-first-sec-secondary-slider":["1"],"wpcf-news-publish_date":["1675036800"],"wpcf-news-downloadable_file":[""],"wpcf-projecttitle":[""],"wpcf-projectdescription":[""],"wpcf-projectimage-video1":["image"],"wpcf-projectimage-1":[""],"wpcf-projectvideo-1":[""],"wpcf-projectdescription-1":[""],"wpcf-projectimage-video2":["image"],"wpcf-projectimage-2":[""],"wpcf-projectvideo-2":[""],"wpcf-projectdescription-2":[""],"wpcf-projectimage-video3":["image"],"wpcf-projectimage-3":[""],"wpcf-projectvideo-3":[""],"wpcf-projectdescription-3":[""],"wpcf-projectimage-video4":["image"],"wpcf-projectimage-4":[""],"wpcf-projectvideo-4":[""],"wpcf-projectdescription-4":[""],"wpcf-video-description":[""],"wpcf-layoutvideourl":[""],"wpcf-video-thumb":[""],"wpcf-social4-svg":[""],"wpcf-social4-background-image":[""],"wpcf-social4-text":[""],"wpcf-social4-url":[""],"wpcf-social3-svg":[""],"wpcf-social3-background-image":[""],"wpcf-social3-text":[""],"wpcf-social3-url":[""],"wpcf-social-text-svg-square":[""],"wpcf-social-text-image-square":[""],"wpcf-social-text-text-square":[""],"wpcf-social-text-url-square":[""],"wpcf-social2-svg":[""],"wpcf-social2-background-image":[""],"wpcf-social2-text":[""],"wpcf-social2-url":[""],"wpcf-social-svg-square":[""],"wpcf-social-image-square":[""],"wpcf-social-text-square":[""],"wpcf-social-url-square":[""],"wpcf-social1-svg":[""],"wpcf-social1-background-image":[""],"wpcf-social1-text":[""],"wpcf-social1-url":[""],"wpcf-quotes-with-auther-text-1":[""],"wpcf-card_article_with_title_content":[""],"wpcf-card_article_content":["<p>write your content<\/p>"],"wpcf-quotes-with-auther-text":[""],"_bsf_post_type":["0"],"_bsf_item_review_type":["none"],"_yoast_wpseo_primary_newscategory":["149"],"_yoast_wpseo_title":["FRV Achieves Financial Close | Abdul Latif Jameel\u00ae"],"_yoast_wpseo_metadesc":["Abdul Latif Jameel Energy\u2019s FRV achieves financial close for two of its battery energy storage (BESS) projects, Contego and Clay Tye in the UK. Learn more."],"_yoast_wpseo_content_score":["30"],"_yoast_wpseo_estimated-reading-time-minutes":[""],"_yoast_wpseo_wordproof_timestamp":[""],"_yoast_wpseo_opengraph-image":["https:\/\/media.alj.com\/app\/uploads\/2023\/01\/FRV-BESS-LI-1024x535.jpg"],"_yoast_wpseo_opengraph-image-id":["105702"],"news_business_sector":["Energy and Environmental Services"],"wpcf-card-image":[""],"_wpcf-card-image-sort-order":["a:1:{i:0;i:1473422;}"],"amazonS3_cache":["a:4:{s:128:\"\/\/alj.com\/app\/uploads\/2023\/01\/Abdul-Latif-Jameel-Energy-FRV-celebrate-financial-closes-of-Clay-Tye-Contgeo-BESS-EN-VO-Subs-C.mp4\";a:2:{s:2:\"id\";s:6:\"105761\";s:11:\"source_type\";s:13:\"media-library\";}s:134:\"\/\/media.alj.com\/app\/uploads\/2023\/01\/Abdul-Latif-Jameel-Energy-FRV-celebrate-financial-closes-of-Clay-Tye-Contgeo-BESS-EN-VO-Subs-C.mp4\";a:2:{s:2:\"id\";s:6:\"105761\";s:11:\"source_type\";s:13:\"media-library\";}s:79:\"\/\/alj.com\/app\/uploads\/2023\/01\/Poster-Image-Clay-Tye-Contego-Financial-Close.jpg\";a:2:{s:2:\"id\";s:6:\"105770\";s:11:\"source_type\";s:13:\"media-library\";}s:85:\"\/\/media.alj.com\/app\/uploads\/2023\/01\/Poster-Image-Clay-Tye-Contego-Financial-Close.jpg\";a:2:{s:2:\"id\";s:6:\"105770\";s:11:\"source_type\";s:13:\"media-library\";}}"]},"_links":{"self":[{"href":"https:\/\/alj.com\/en\/wp-json\/wp\/v2\/news\/105694"}],"collection":[{"href":"https:\/\/alj.com\/en\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/alj.com\/en\/wp-json\/wp\/v2\/types\/news"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alj.com\/en\/wp-json\/wp\/v2\/media\/105695"}],"wp:attachment":[{"href":"https:\/\/alj.com\/en\/wp-json\/wp\/v2\/media?parent=105694"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alj.com\/en\/wp-json\/wp\/v2\/tags?post=105694"},{"taxonomy":"newscategory","embeddable":true,"href":"https:\/\/alj.com\/en\/wp-json\/wp\/v2\/newscategory?post=105694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}