London, UK – March 24, 2025 – Quinbrook Infrastructure Partners, a specialist investor in infrastructure assets focused on the energy transition, today announced the successful close of debt financing for the landmark Cleve Hill solar and battery storage project in Kent, UK. This significant milestone represents the largest ever financing secured for a solar + storage development in the UK, underscoring the growing investor confidence in co-located renewable energy infrastructure.
The project, classified as a Nationally Significant Infrastructure Project (NSIP) due to its scale, comprises a 373MW solar photovoltaic (PV) plant coupled with a 150MW battery energy storage system (BESS). The total investment package includes a £218.5 million term loan and a £20 million VAT facility, provided by leading UK banks Lloyds and NatWest. The financing was structured in two tranches, with the solar PV loan completed in August 2024 and the BESS facility secured in March 2025.
“Cleve Hill exemplifies a model for the development and financing of future large-scale projects in the UK,” said Keith Gains, Managing Director and UK Regional Leader for Quinbrook. “This successful financing demonstrates the viability and attractiveness of combining solar generation with battery storage to enhance grid stability and deliver clean, reliable power.”
The project’s revenue streams are secured through a combination of long-term contracts, including a 15-year Contract for Difference (CfD) – the largest awarded to a UK solar project in the fourth round of the government scheme – and a landmark power purchase agreement (PPA) with Tesco PLC. A 10-year route to market agreement with Shell will manage the remaining 35% of the development’s solar generation. Furthermore, a 15-year capacity market agreement for the 150MW BESS onsite contributes to the project’s total contracted and index-linked revenues, exceeding £480 million.
The successful financing follows a previous attempt by the Swale Borough Council planning committee to refuse consent for the addition of the battery storage element. This outcome highlights the critical role of NSIP designation in facilitating the development of essential renewable energy infrastructure.
Lyudmil Banev, Director of Project Finance at NatWest, emphasized the strategic importance of the Cleve Hill project, stating, “This is a cornerstone transaction for the UK market, and we see co-location as a highly strategic sector. We are proud to support Quinbrook in delivering this vital project.” NatWest has a growing portfolio of financing for large-scale standalone BESS projects, supporting developers such as Zenobē Energy, Envision, and Statera.
Quinbrook’s commitment to expanding its UK renewable energy portfolio is further demonstrated by its recent acquisition of the 350MW Mallard Pass solar PV project, which received consent in 2024. Located near Essen, Lincolnshire, Mallard Pass will span 880 hectares and connect to the grid via the existing Ryhall substation. While financial details of the acquisition remain undisclosed, the development is valued at approximately £240 million. Quinbrook intends to leverage the experience gained from the Cleve Hill project to oversee the construction of Mallard Pass, with operations expected to commence in 2028.
Norton Rose Fulbright served as legal advisors to Quinbrook, providing expertise in the debt financing process.
The Cleve Hill project is expected to commence operations later this year, contributing significantly to the UK’s renewable energy targets and enhancing the nation’s energy security. This successful financing underscores Quinbrook’s position as a leading investor in the UK’s energy transition and sets a new benchmark for the development and financing of large-scale renewable energy infrastructure projects.
About Quinbrook Infrastructure Partners
Quinbrook Infrastructure Partners is a specialist investment manager focused on infrastructure assets in the energy transition. The firm focuses on renewable energy, energy storage, and other infrastructure assets that contribute to a sustainable future.
