Watson Farley & Williams (“WFW”) advised a consortium of lending banks — comprising Banco Santander S.A., ABN Amro Bank N.V., Canadian Imperial Bank of Commerce, National Westminster Bank plc, Investec Bank plc and Norddeutsche Landesbank Girozentrale — on a £220m green financing package granted to Pulse Clean Energy. The funding will support the construction of six new battery energy storage system (BESS) sites across the UK.
The package, which aligns with the Loan Market Association’s Green Loan Principles, will also be used to finance the conversion of former diesel generation facilities, as well as provide ongoing capital for nine late-stage construction or operational sites.
The new projects – which span Scotland, Devon, Greater Manchester and Wales – are expected to be operational by the end of 2027. With a combined storage capacity of over 700 MWh, the projects will deliver more than £200m in gas and emissions savings for UK consumers during their operational life, whilst also enabling greater renewable energy integration.
Pulse Clean Energy has established itself as a leading developer and operator of battery storage in the UK, with a planned operational capacity of over 2GWh by 2030.
The WFW London Energy team that advised the lenders was led by London Projects Partner Jennifer Charles, supported by Senior Associate Abraham Knight and Associate Ellen Mackie. Due diligence support was provided by Projects Partner Emmanuel Ninos, Senior Associate James Ballantyne and Associate Ben Harvey. Financial Markets & Products Partner Rob McBride and Associate Kristina Buckberry advised on hedging matters.
Jennifer commented: “We are delighted to have supported the lenders on this important green loan to Pulse Clean Energy, which will play a major role in helping it achieve its goal of a UK energy network run entirely on renewables. Successfully closing this milestone transaction highlights WFW’s expertise in advising on big-ticket financings in the fast-growing energy storage space”.
Nicola Johnson, Chief Financial Officer of Pulse Clean Energy, added: “This landmark investment reflects strong global confidence in the growing UK battery storage market and in Pulse Clean Energy’s ability to deliver at scale. These six facilities will not only strengthen grid resilience but also unlock significant cost savings for consumers by allowing more renewable power onto the grid and reducing the need for expensive backup power during peak periods. We’re proud to be at the heart of the UK’s energy networks – delivering critical infrastructure and turning former fossil fuel sites into energy assets which will enable a better energy system. With the backing of partners who share our long-term vision, we’re accelerating toward a future where energy is not only clean, but reliable and affordable for everyone”.
