Fidra Energy reaches financial close on the UK’s largest battery energy storage project, backed by EIG and the National Wealth Fund

Edinburgh, UK, Leeds, UK and Washington, DC: Fidra Energy, a European battery energy storage system (BESS) platform headquartered in Edinburgh, UK, today announced it has secured up to £445 million of new equity investment from EIG and the National Wealth Fund (the NWF) as it reaches financial close on the UK's largest Battery Energy Storage System (BESS) project at its Thorpe Marsh site in Doncaster, South Yorkshire.

Construction of Thorpe Marsh is set to begin immediately and, in addition to the investment by EIG and the NWF, will be funded by new loan facilities of £594 million from a club of international lenders. Thorpe Marsh is the largest standalone BESS project financed globally and the largest BESS financing in Europe.
The 1,400 MW / 3,100MWh project, which is expected to be operational starting in mid-2027, will be the largest battery storage facility in the UK and among the largest in Europe. Once completed, Thorpe Marsh is expected to be three times larger than any other BESS project currently in operation or under construction in the UK and will have the potential to export over 2 million MWh annually, enough to supply about 785,000 homes each year.

Battery storage is essential to the UK energy transition, enabling the integration of renewables into the grid and helping to reduce energy waste, improve grid stability and provide greater network flexibility.

Building on its strong track record of financing energy storage projects, the NWF's initial commitment of up to £200 million, alongside EIG's commitment, will also help finance Fidra's future pipeline, including the 500 MW/1,100MWh BESS project at West Burton, Nottinghamshire. Thorpe Marsh and West Burton alone could provide up to 11% of the additional storage capacity needed under the UK Government's Clean Power 2030 mission.

Santander CIB, New End and EIG Global Energy Partners Capital Markets, LLC acted as financial advisers to EIG and Fidra Energy on the capital raise for the Fidra platform. Santander CIB also acted as financial adviser for Fidra Energy on the Thorpe Marsh project debt financing.

Fidra's main contracting partners are Sungrow, a global leader in energy storage technology, who will supply its Power Titan 2.0 batteries for the project, H&MV Engineering who will be the principal designer and contractor of the 400kV grid connection, electrical and mechanical scheme, and for the erection and commissioning of the Sungrow battery systems, and Jones Bros., Civil Engineering UK, will be the principal contractor undertaking civil, and drainage works at the site.

Fidra has signed long-term offtake agreements with EDF, Octopus Energy and Statkraft for around 80% of the Thorpe Marsh project's capacity. In March 2025, the project secured a fifteen-year capacity market award from the UK Government commencing in October 2028.

Chris Elder, Fidra Energy's Chief Executive Officer, said:
"Battery energy storage has a crucial role to play in delivering clean, reliable power, storing renewable energy when it is abundant, and releasing it when generation from sources such as wind and solar is low. This displaces electricity generated by fossil fuels that would typically be used when generation from renewables is low.

"Reaching financial close for Thorpe Marsh is a huge achievement for Fidra Energy. Thorpe Marsh is one of the most exciting infrastructure projects in the world and a landmark transaction in the energy sector. The investment by EIG and the NWF is testament to the outstanding team at Fidra and everyone who has supported us on the project."

Chancellor of the Exchequer, Rachel Reeves, said: "This investment is a perfect example of how we are pulling every lever at our disposal to grow the economy to put more money in people's pockets - building on our achievement of being the fastest growing nation in the G7 for the first half of this year.

"Not only will it bring new jobs to Doncaster, but it will also give the city an important role in boosting our national energy security, powering hundreds of thousands of homes as we fulfil our Plan for Change pledge to get Britain building."

Energy Secretary Ed Miliband said: "It's fantastic to see the National Wealth Fund breathing new life into a former coal site - turning it into a cutting-edge battery hub that will power thousands of British homes and businesses with clean energy from wind and solar.

"Every battery we build boosts Britain's energy security, reduces our exposure to fossil fuel price shocks and drives us towards clean power by 2030 - all part of our Plan for Change."

Ian Brown, National Wealth Fund Interim Chief Executive Officer, said: "The NWF is set to play a meaningful part in helping the UK achieve its clean energy ambitions, through our support for this and other key projects. Our investment highlights our role as a significant player in the storage sector, and, working alongside EIG and Fidra, we're helping to provide the finance needed to deliver large-scale battery assets to improve grid stability and further enhance the UK's energy independence."

Walid Mouawad, EIG's Managing Director & Global Head of Energy Transition, said: "EIG is pleased to support the development of the Thorpe Marsh BESS project, which we view as a pivotal UK infrastructure asset capable of accelerating the energy transition by integrating renewables into the power system and strengthening the grid. We are also thrilled to welcome the National Wealth Fund as our partner in Fidra Energy which builds on our platform strategy of identifying market opportunities, such as the surging need for UK battery storage, backing outstanding teams, and scaling capital into solutions that align with institutional demand for sustainable and resilient energy infrastructure."

Ros Jones, Mayor of Doncaster, said: "Doncaster's potential as a national and indeed international leader in renewable energy capabilities is being recognised by this significant development at Thorpe Marsh.

"I am delighted to see global support being put in place to help the next generation of the energy industry make the City of Doncaster its home. I look forward to seeing this brownfield site developed and following the progress of this innovative initiative, set to provide secure and reliable electricity supplies to the national grid serving the Doncaster area."

About Fidra Energy
Fidra Energy is a European battery and energy storage system (BESS) platform owned by EIG. Headquartered in Edinburgh, UK, Fidra Energy's strategy is to develop, build and operate large battery energy storage projects in the UK and major European markets.

About EIG EIG is a leading institutional investor in the global energy and infrastructure sectors with $23.8 billion assets under management as of June 30, 2025. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 43-year history, EIG has committed over $51.3 billion to the energy sector through 420 projects or companies in 44 countries on six continents. EIG's clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG's website at https://www.eigpartners.com.

About the National Wealth Fund
The National Wealth Fund (the NWF) is an investor operating as a bank to drive investment into the UK's clean energy and growth industries in support of government policy. The NWF aims to mobilise private capital around the government's strategic priorities, including delivery of the forthcoming industrial strategy. The NWF is based in Leeds and has £27.8 billion of finance to deploy across the capital structure, including loans, equity investments and guarantees. The NWF also provides commercial and financial advisory services and market leading lending to local authorities across the UK. The Fund is wholly owned by HM Treasury but is operationally independent from government.

Contact Information

Fidra Energy Cavendish Consulting Ruby Frost [email protected]

EIG FGS Global Kelly Kimberly / Brandon Messina [email protected]

National Wealth Fund Chris Ord [email protected]

Contact details of other parties named in this press release are available upon request.