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Fidra Energy secures £445mn for 3.1 GWh energy storage project

Scottish developer Fidra Energy reaches financial close on its Thorpe Marsh site, with equity funding led by EIG and the UK’s National Wealth Fund, marking a significant step in the UK’s energy storage sector.

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Fidra Energy has secured GBP445mn ($602mn) in equity financing to complete the financial close of the Thorpe Marsh BESS project, a 1.4 GW/3.1 GWh Battery Energy Storage System (BESS) facility located in Doncaster, northern England.

The project, which will be built on a former coal-fired power station site, is set to become the largest battery storage system in the United Kingdom and one of the most significant in Europe. Construction will begin immediately, with operations expected to commence by mid-2027. The site is located next to existing transmission infrastructure belonging to the UK’s national grid.

Joint funding and international bank loans

The funding round was structured with capital contributions from EIG, Fidra Energy’s founding investor, and the National Wealth Fund (NWF), a UK government-owned investment vehicle. Additionally, the project will benefit from GBP594mn in credit facilities provided by a syndicate of international lenders.

Power purchase agreements have already been secured for approximately 80% of installed capacity, involving EDF, Octopus Energy and Statkraft. Thorpe Marsh has also obtained a state-backed capacity market contract starting in October 2028.

Industrial partnerships and portfolio expansion

Fidra Energy has appointed Chinese manufacturer Sungrow to supply its Power Titan 2.0 battery systems. H&MV Engineering will serve as lead designer and electrical contractor, while Jones Bros Civil Engineering UK will handle all civil and drainage works.

The equity funding will also support the development of other projects, according to EIG, including a 500 MW/1,100 MWh BESS site in Nottinghamshire. The financial backing aligns with a broader strategy to expand utility-scale energy storage operations.

Towards a 10 GW platform by 2030

Headquartered in Edinburgh, Fidra Energy was established in 2024 by US-based private equity firm EIG Global Energy Partners. The company is currently developing three of the largest BESS projects in the UK and targets a total portfolio of 10 GW across the UK and European markets by 2030.

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