The financing was structured in two stages.
The 373MW solar and 150MW battery energy storage system will be the UK’s largest solar and battery storage project under construction, with operations expected to commence during 2025.
The project financing – a £218.5m ($282.5m) term loan and a £20m VAT facility – is provided by Lloyds and NatWest.
The financing, the largest of its kind in the UK, was structured in two stages.
Quinbrook managing director and UK regional leader Keith Gains stated: “Cleve Hill is a model for the development and financing of future large-scale projects in the UK that can meaningfully support the country’s decarbonisation goals while spurring economic growth and long-term job opportunities for local communities.
“The record-breaking financing secured is the latest milestone for this flagship project, and our success here is a testament to the hard work and close collaboration of the Quinbrook and Private Energy Partners teams and our lending partners.”
The solar PV term loans were finalised in August 2024, while the battery energy storage system facility will be complete in March 2025.
The project secured the largest award for a UK solar project in Round 4 of the government’s 15-year contract for difference auction scheme.
A landmark offtake agreement with Tesco for 65% of the solar generation and a 15-year capacity market agreement for the battery storage system enhance its financial viability.
The capacity market agreement ensures that the project is compensated for maintaining power generation capabilities during high-demand periods, improving grid reliability.
The agreement contributes to total contracted and index-linked revenues exceeding £480m.
Cleve Hill received development consent in May 2020 and is expected to reduce carbon emissions by 142,000 tonnes (t) in its first operational year.
It aims to deliver a net biodiversity gain of 67% and is projected to support 2,500 jobs and generate £114m in local socio-economic benefits.
Quinbrook was advised by Norton Rose Fulbright for this financing.
In March 2025, Quinbrook announced the acquisition of the 350MW Mallard Pass solar photovoltaic project in the UK.
