Matrix Renewables, the TPG Rise-backed global renewable energy platform, has completed a $330 million non-recourse project financing to fund the construction of a 500MW / 1,000MWh Battery Energy Storage System in Eccles-Leitholm, southern Scotland.

The deal was underwritten by CIBC's (Bank) London Branch, MUFG Bank, Ltd., and NatWest (Bank), with NatWest also serving as Facility Agent.

Deal Structure and Banking Partners

The financing was structured as an underwritten deal, an arrangement that reflects what the company described as strong confidence among leading international financial institutions in both Matrix's operating capabilities and the broader UK energy storage market.

The involvement of three major lenders — a Canadian, Japanese, and British institution — underscores the international appetite for large-scale battery infrastructure in the United Kingdom.

Nicolás Navas, Chief Financial Officer of Matrix Renewables, said the financing reflects the strong and growing demand for high-quality battery storage assets and reinforces the strength of the company's UK platform.

Navas added that the company is grateful for the continued support and partnership of its banking partners in bringing the project to a successful financial close. Matrix Renewables was advised by A&O Shearman in London as legal counsel.

The lenders were advised by Watson Farley and Williams on legal matters, Enertis as technical advisor, and Aurora as market advisor.

Project Location and Strategic Significance

The Eccels battery storage facility is strategically located along key transmission corridors between Scotland and England, a positioning that the company says will allow it to play a central role in enhancing grid flexibility, energy security, and the integration of renewable energy within the UK power system.

The transmission-connected nature of the project means it will be able to move power efficiently across one of the most critical energy routes in Britain. Construction on the Eccles BESS commenced in November 2025, and commercial operations are expected in the third quarter of 2027.

The project is being developed under a partnership with EDF, which will be involved in optimizing the facility once it becomes operational.

Expected Operational Impact

Once online, the Eccles BESS is expected to provide flexible services sufficient to support the equivalent of the annual electricity consumption of approximately 270,000 households.

The project is also projected to avoid an estimated 170,000 tonnes of carbon dioxide-equivalent emissions per year, contributing to the UK's broader decarbonization objectives.

The scale of the project — 500 megawatts of power capacity paired with 1,000 megawatt-hours of energy storage — places it among the larger battery storage installations currently under development in the United Kingdom.

The two-hour duration storage system is designed to provide the kind of short-duration flexibility services that are increasingly in demand as the UK grid absorbs higher volumes of intermittent renewable generation from wind and solar.

Community and Environmental Commitments

Matrix Renewables has stated that it worked closely with local authorities and environmental stakeholders throughout the development process to ensure the project meets strict environmental, technical, and community standards and is integrated responsibly within the local landscape.

As part of those community engagement efforts, the project has signed a collaboration agreement with the Leitholm, Eccles, and Birgham Community Council to develop local initiatives that benefit residents in the surrounding area.

The company also noted that the project will drive local employment and stimulate local economic activity throughout both the construction and operation phases, though no specific employment figures were disclosed.

Part of a Broader UK Expansion

Matrix Renewables described the transaction as a significant milestone not only for the Eccles project but also for its broader expansion strategy across the UK market.

The company said it is actively developing and progressing multiple storage and renewable energy opportunities across the country, though specific details of those pipeline projects were not disclosed.

The Eccles financing follows other recent activity from the company. In March 2026, Matrix Renewables announced its partnership with EDF to optimize the Eccles project.

In April 2026, the company separately announced commercial operations and investment tax credit funding for a 281 megawatt-DC solar project in Bell County, Texas, indicating continued activity across multiple geographies.

About Matrix Renewables

Matrix Renewables is a renewable energy platform created and backed by TPG, the global alternative asset manager, through its $31 billion impact-investing platform.

The company's current portfolio comprises 15.5 gigawatts of solar, storage, and green hydrogen projects across Europe, the United States, and Latin America.

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