Watson Farley & Williams (“WFW”) advised CIBC, MUFG and NatWest on a £245m financing granted to Matrix Renewables for the construction of a 500 MW BESS project in Eccles, Scotland. The project, Matrix Renewables’ first stand-alone BESS project in the UK, is scheduled to begin commercial operations in Q3 2027.
Matrix Renewables is a renewable energy platform created and backed by global alternative asset manager TPG and its US$31 bn impact-investing platform. Its current portfolio comprises 15.5 GW of solar, storage and green hydrogen projects in Europe, the United States and Latin America.
The WFW London Energy team that advised the lenders was led by Projects Partner Paul Simpson, supported by Senior Associate Gavin Jackson, Associates Tara Goalen, Ellen Mackie and Oli Baines and Trainees Max Phillips and Adi Ashok. Hedging expertise was provided by Partner Rob McBride and Associates Kristina Buckberry and Ambrose Ip. Partner Emmanuel Ninos, Senior Associate James Ballantyne and Associate Ben Harvey advised on project due diligence, whilst Senior Associate Shaun Young and Associate Jonathan Ford advised on corporate due diligence. Environmental and planning advice was provided by Partner Nick Walker and Associate Hamish Ungless. Tax advice was provided by Partner Claire Miles.
Paul commented: “We are delighted to have supported the lenders on this financing for such a vital energy infrastructure project. This landmark development represents a significant step forward in strengthening the UK’s energy storage capacity and enabling greater deployment of renewable generation”.
Burness Paull acted as Scottish counsel for the lenders.
