Cero Generation, in collaboration with Enso Energy, has achieved financial close on a £200m ($268.3m) financing package for a portfolio of solar and battery energy storage system (BESS) projects in the UK.
The financing has been structured as a Green Loan and is being provided by a consortium of banks including ING, NordLB, Rabobank and Santander UK.
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All three projects are now in compliance with the EU taxonomy for sustainable activities.
The financing package also includes an accordion facility to accommodate future projects within Cero’s pipeline.
The portfolio comprises the Bramley project, which features a co-located 115MW solar and storage facility, along with two additional projects that are approaching operation and collectively offer 245MW of BESS and solar photovoltaic (PV) capacity.
Construction on the Bramley site is scheduled to begin in autumn 2025.
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By GlobalDataEDF will handle optimisation and route-to-market services for the solar PV, LONGi will supply solar modules, Sungrow will provide the BESS and Metlen has been appointed as the engineering, procurement and construction (EPC) contractor, with Omexom managing grid works.
Cero Generation CEO Marta Martinez Queimadelos stated: “This milestone reflects our continued commitment to UK solar and our ambition to deliver projects that meet the highest environmental standards, including EU taxonomy alignment.
“We are proud to be working with such experienced partners across development, financing and delivery, and we thank them for their critical contributions to these projects. Together, we are accelerating the transition to a more sustainable and resilient energy system.”
Cero’s advisors for the deal were CMS for counsel, EvoInfra for financial modelling support, and PMC Treasury for hedging and risk advice.
The lending consortium was advised by Dentons for legal matters, Wood for technical advice and Marsh for insurance guidance.
The development of these projects is expected to involve 80 construction personnel.
Enso Energy managing director Bill Rees stated: “The UK urgently needs flexible, clean energy infrastructure, and this portfolio – totalling 360MW of co-located solar and storage – represents a major step forward.
“It’s exciting for us at Enso Energy to see these sites that we developed reach this important milestone. It shows what’s possible when you combine deep development expertise with a shared commitment to sustainability, community benefit and technical ambition”.
In August 2024, Cero Generation had secured financial closure for a portfolio of solar projects in Spain, marking a significant boost to the region’s renewable energy capabilities.
The Spanish projects, located in Palencia, have a total capacity of 244.7 megawatts peak and are backed by a consortium of lenders including Banco Sabadell, Rabobank and ING.
