Independent energy producer (IPP) Matrix Renewables has closed £245 million in project financing to support a 500MW/1,000MWh two-hour battery energy storage system (BESS) in Scotland.
The non-recourse project financing will support the construction of the BESS in Eccles-Leitholm, southern Scotland, which commenced in November 2025. Commercial activities are expected in the third quarter of 2027.
Matrix Renewables has looked for optimization and route-to-market services for the project of energy company EDF and has Tesla enabled as the engineering, procurement and construction (EPC) contractor for the BESS.
MUFG Bank, the London branch of CIBC and NatWest underwrote the financing. Nicolás Navas, CFO of Madrid-based Matrix, said the deal “reflects the strong and growing demand for high-quality battery storage assets and reinforces the strength of our UK platform.”
Matrix said the Eccles BESS is located along “key transmission corridors” between Scotland and England, and will play a “key role” in grid flexibility, greater integration of renewables and energy security for the UK system. It is expected to be the company’s first standalone BESS project in Britain once operational acquiring it in April 2025 alongside another 500MW project in Kilmarnock.
When it bought the two BESS projects, Matrix said it planned to expand its UK renewable energy and BESS portfolio with the possibility of a “multi-gigawatt opportunity” in the UK and plans to develop “more than 2 GW of additional generation and storage capacity” by 2029.
Matrix Renewables is a prominent developer in other global markets. The company, backed by dedicated climate investment firm TPG Rise, is currently active in the region 500 MW of standalone solar PV capacity in Texasas well as major utility-scale solar developments in his native country Spain.
