Spanish energy company Fotowatio Renewable Ventures (FRV) has achieved financial close for two of its battery energy storage system (BESS) projects in the UK.

The two projects, Contego and Clay Tye, will be developed in West Sussex and Essex respectively.

FRV secured a £61m ($75.1m) financing package from Natixis CIB UK under the project finance modality, which will cover more than 60% of the projects’ total cost.

The company has also received Debt Service Reserve Facilities for the two projects, as well as a VAT facility.

The Clay Tye project has a 99MW output and a capacity of 198MWh. It will feature 52 Tesla Megapack lithium-ion batteries.

Equipped with 28 Tesla Megapack batteries, Contego will have an output of 34MW and a capacity of 68MWh.

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FRV UK managing director David Menéndez said: “The financial close of these projects adds another milestone to our growth objective in the UK storage market, strengthening the sustainability of the business model in the long term and our leadership position in the market.

“FRV also has other assets in the UK market that are currently in different stages of execution.”

FRV said that the financial close has brought it closer to its goal of ‘building a more sustainable future through the development of renewable projects’ worldwide.

The company currently has more than 5GW worth of BESS projects in development in the UK.

Natixis CIB UK managing director and Infrastructure & Energy Finance head Pascal Soldaini said: “One of the focuses of Natixis CIB strategy is to finance the energy transition and increase our Green Loan origination, while supporting our core clients.

“BESS are a requirement to be able to reach the UK decarbonization objectives, as they will allow further penetration of renewable energy in the UK energy mix while partially addressing the structural imbalances in the UK grid.”