Energy transition -Investor Adaptogen Capital has announced the end of a financing round and has a 100 MW Battery Energy Storage System (BESS) in West Yorkshire.
The acquisition of the 100 MW Old Road Bess marks the final capital obligation of the Adaptogen Battery Storage Fund, which now has a complete portfolio of storage assets on the grid -scale.
The portfolio is managed by the British owner-operator Varco Energy, financed and owned by adaptogen.
The 100 MW Bess in West Yorkshire will start starting in 2027 and will provide frequency and voltage regulations, capacity reserve and load shifting services.
A dedicated vehicle was raised in the investment to support the acquisition, with the participation of existing and new investors did not mention that adaptogen.
Adaptogen said it is on its way to having 350 MW on the British Bess assets in operation by 2027, with another 275 MW in development. Two projects from the portfolio, the Native River Bess and the Size John BessEach with 57 MW/138MWH capacity and 2.4 hours, are already operational.
Adaptogen Capital Managing Director James Mills said: “The successful acquisition of the Oude Allen Road Bess, supported by a strong demand from investors, shows both the scale of opportunities and the crucial role that adaptogen plays to make the energy transition possible.”
In 2023, adaptogen capital has raised £ 207 million for his adaptogenic battery storage fundAgainst a target of £ 175 million. As part of this, UK Bank Natwest agreed, as the only lender to offer a £ 50 million Capex facility, as well as a VAT facility of £ 8 million.
