Published: 1 Apr 2022, 14:11
Battery energy storage company Field is to build a portfolio of four assets across the UK after securing financing from investment firm Triple Point Energy Efficiency Infrastructure Company (TEEC).
TEEC announced today that it will provide Field with a debt facility totalling £45.6 million that will allow the company to construct the 110MW portfolio of battery energy storage systems (BESS).
The first asset is located in the north of England and is expected to become operational this June, with a capacity of 20MW and a one-hour duration battery.
This will be followed by a 50MW BESS in Scotland and a 20MW asset in Wales, which will both have two-hour duration batteries, and a one-hour 20MW battery installation in southeast England. These three are scheduled to begin operations next year.
TEEC said the funding will take place once the projects are each sufficiently de-risked against construction and operational risks.
“As the world moves towards greater use of renewable sources of energy, battery storage is essential to improve front-of-meter energy efficiency, maximising and making use of the intermittent power generated from such renewable sources,” said TEEC chair John Roberts.
Launched by energy supplier Bulb’s co-founder Amit Gudka in early 2021, Field – initially called Virmati Energy – is focusing on developing a portfolio of BESS assets in the UK.
Having recently expanded its senior team, Field is aiming to reach 1.3GW of operational battery storage assets in the UK by 2024.